Correspondence with Other Banks : Officers of Other Trust Companies in New York, 1911-1928

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2 1 b tip PETER J BRADY JOHN J MUNHOLLAND WILLIAM REED HAROLD G GRIEF VICE PRESIDENT VICE PRESIDENT AND TREASURER ASSISTANT TREASURER PRESIDENT MEMBER OF THE FEDERAL RESERVE SYSTEM FEDERATION BANK AND TRUST COlkviPANY 34 STREET EIGHTH AVENUE NEW YORK CITY August Ir Benjamin Strong Governor Federal Reserve Bank of New York New Iork City Dear Sir Permit me to call your attention t he enclosed printed correspondence which you may find as info iing as I have When the American Federation c Labor the Chamber of Com merce of the United States the New Y rk State Chamber of Commerce n unite on the proposition that and The National Civic Federation this country should have no rela ons with Soviet Russia under its present regime the conclusion is almost inescapable that those who seek to bring about the esta ishment of such relations official or commercial are perform n an un American act Within the past has issued orders to t1 onth the Third International at Moscow Workers Communist Party in the United States to start a cam aign to undermine the confidence of American workers in the labor banks and if possible to gain control of them These instructions re boldly announced in the Daily Worker the official organ of the Communist Party in the United States published in this city As Mr Easley well says because of the representative character of Mr Lee s clientele his utterances are often Vested with an interest which otherwise they would not possess c En Very 187 uly yours USA OR USSR WHICH 10 SHALL AMERICAN MONEY HELP MOSCOW PROMOTE ITS DASTARDLY WORLD REVOLUTION UNITED STATES CHAMBER OF COMMERCE SCORNS PROPOSAL TO TRANSLATE AMERICAN IDEALS INTO TERMS OF COMMERCIAL GAIN DISCUSSION OF BUSINESS STATESMANSHIP IDEA EVOLVED BY MR IVY L LEE FOLLOWING HIS WEEK END SOJOURN IN RUSSIA NOTE The fantastic maneuvers of Mr Ivy L Lee have doubtless been a source of amusement to all those favored from time to time with his bulletins reports essays treatises dissertations theses and so forth on practically all questions arising on this and other planets However owing to the representative character of his clientele his utterances are often vested with an interest which otherwise they would not possess For several years past Mr Lee s pet hobby has been the promotion of propaganda in the interest of Soviet Russia In April 1926 following a dashing but futile sortie made by him upon the New York State Chamber of Commerce in the effort to induce that body to send a commission to Moscow he and I conducted a more or less spirited correspondence which was afterward published Upon the announcement last spring that Mr Lee was going over himself to see about things I wrote him a letter which with his reply is given below This is followed by my recent communication to him anent his likewise futile pro Soviet activities since his return RALPH M EASLEY now if they had it to do over again Would they advise Uncle Sam to open our doors and let the Soviets establish here their Red consulates where they could carry on their propaganda unchecked Let me ask you to make clear to those two apostles of world hatred and destruction that we in the United States have not the slightest desire to interfere with Russia s conduct of her own affairs that so far as we are concerned outside of our own humanitarian instincts she is free to butcher all of her people that she wants to she may put in jail everybody who does not agree with what the government is doing which as I understand it is her present free speech free press and peaceable public assembly policy But tell them that we do not intend that the Bolshevists shall interfere in the affairs of our country in the slightest degree and this despite the vociferous mouthings of all the Pacifists Socialists and Communists the freaks fakes frauds and frumps in this country who loud in noise but amounting to nothing numerically or politically are seeking to capture the United States for Bolshevism However I am digressing Let me suggest further that upon your return and before you start out to tell us what s what you spend a few days at the ONE MADISON AVENUE NEW YORK MR IVY L LEE April Broadway New York City My dear Mr Lee Well so you are going over to Russia to do the job all by yourself That is to say you are going to find out everything about it and then come back and tell us how it all happened and why This is as it should be You will now be more sure of a unanimous report than you would have been if you had succeeded in inducing the New York State Chamber of Commerce to send a commission over there headed of course by your able self Not being able to speak a word of Russian you will be especially qualified for the fact finding task just as were Raymond Robins Sherwood Eddy Jerome State Department and the headquarters of the American Federation of Labor in Washington to get the facts not only about true conditions in Russia but about the activities of the Soviets in all the countries which have ac corded recognition to them as well as in the United States One of the benefits which you would derive from a week thus spent would be that you would discover that most of the stuff with which they filled you in Moscow was bunk and that discovery would save you much embarrassment However you would have had the benefit of the sea air anyway so that on that score you could still regard the trip as an asset Sincerely yours RALPH M EASLEY Davis and all the other sentimental Soviet recogni P S You may recall that I have made some of these suggestions to you before but perhaps when you get out on the briny deep you will have more time to think tionists great metropolis Now I am wondering if it would be presumptuous on my part to ask if I might send a message by you to Messrs Stalin and Bukharin about some things over here which owing to the high hat stratum in which you motivate would naturally have escaped your attention I wish you would tell them that the effort to capture the American Federation of Labor has been a great joke that the Stalin Bukharinites have been kicked out of the United Mine Workers International Machinists Carpenters and 35 other organizations in which their agent William Z Foster started his boring from within intrigues five years ago and that now they are than you usually have in your dizzy whirl in this N B i think that in fairness to your hosts over there you should warn them that they should not expect too much from your trip However doubtless you will not find them over sanguine since they have been so disappointed in the great promises made by a number of your compatriots who after talking big while there have returned home only to get lost in the shuffle about the first hour of landing and have remained quiescent ever since so far as any visible results in Washington are concerned being cleaned out of the needle trades in New York where the Reds had made their last stand also that only last month the Central Trades and Labor Council 111 BROADWAY of Greater New York and Vicinity expelled every Stalin Bukharinite from that body Tell those two looters and assassins that their effort to fight the battles of Moscow on the sidewalks of New York will not succeed that their official organ here that venomous and indecent sheet the Daily Worker is likely soon to be without mailing privileges and that if our Government has fair success the fire eating and grotesque editors of that publication will soon be playing checkers with their respective noses NEW YORK MR RALPH M EASLEY 1 Madison Avenue New York City Dear Mr Easley Thank you for your entertaining letter and all of its good advice I have only to say this I am going to Russia not But just why do you need to go to Russia to be stuffed full of Soviet propaganda statistics when you representing anybody but myself and only to seek inf ormation I shall as you suggest and have already made can get it all by visiting the Soviets official propaganda plans to do so obtain all the information I can from center in Washington the Russian Information Bureau under the management of that highly efficient propagandist Boris E Skvirsky where they circulate all the lies that emanate from Moscow and in much official and other sources in England France and Ger better English However you may be taking the trip for your health If so let me after expressing the hope that you will be successful in that quest ask if on your way back you CA will stop over in England France and other European countries which have accorded recognition to the Russian Bolshevist Government and ascertain just what they many as to their experiences with the Russian Government In advance of my going I have also sought to obtain all possible information from the various departments at Washington and also from heads of the American Federation of Labor Otherwise cheer up With kind regards Very sincerely yours think of the results of their relations with the Red Empire and whether they would recognize that regime IVY LEE April ONE MADISON AVENUE NEW YORK MR IVY L LEE August Broadway New York City My dear Mr Lee I learn through the press that you have not only I returned from your week end in Moscow but that already you have gotten under way your new pro Soviet campaign beginning with a fantastic proposal to the United States Chamber of Commerce This proposal was so widely advertised and so incontinently squelched that I would have felt sorry for you had I not known that your supreme self complacency would protect you against a little jolt like that and besides it got you publicity which of course is your daily bread I am glad that you made your Quixotic trip to Moscow and wrote that letter to the Chamber since it furnished such a signal opportunity to that great body representing practically all that is worth while in our commercial and industrial life to tell Moscow as well as the Pink and Red elements here what it thought of the proposal to barter our national honor for stolen gold Also already you have been able to publish for private circulation a report on your quick fire study of the commercial economic industrial political educational social moral and religious aspects of Soviet Russia although your comment upon the four latter subjects is barely noticeable to the naked eye for well known reasons I am told by one who checked it up that to keep all the engagements and attend all the functions social and otherwise referred to in your report you must have abandoned for that ten day period all ideas of eating and sleeping and spent the entire 240 hours in one continuous round of study and riotous conferring I think my informant was wrong You are not made that way What you doubtless did was to start the Skvirsky bureau in Washington at work on your report as soon as you made up your mind to go to Russia so that upon your return Colonel Skvirsky would have it ready for you to add a few finishing touches in the way of local color You will recall that I had advised you to get Skvirsky to do the work for you that you might be saved the hazards of the trip Or you may have found the report in readiness upon your arrival in Moscow At any rate the propaganda resulting from the trip is so utterly raw that it is wholly innocuous Incidentally of course it is a satisfaction to know that the expense of your trip will not be charged up to the City of New York Furthermore while over there you saw too many key men in that short space of time unless the Soviet Government with all its machinery was turned over to you on the theory that Here at last is a superman from America who can put it over They had had their Raymond Robinses their Jerome Davises their Sherwood Eddys and their James P Goodriches who had promised great things but nothing happened Here however was a man heralded as the confidential adviser of the heads of the great corporations in the United States as the writer of speeches for many of them and as possessing a clientele which included the Rocke fellers the U S Steel Corporation the Pennsylvania Railroad Company the Standard Oil Company of New York the Anthracite Coal Operators Association the Interborough Rapid Transit Company the Bethlehem Steel Corporation the Chicago Packers and others Surely a man with such affiliations would get the Bolshevists anything they wanted in the United States But at the first crack out of the box came the smashing blow from Mr Lewis E Pierson President of the U S Chamber of Commerce Really it was too bad Why did you throw all discretion to the winds and rush in where angels fear to tread In my letter of April 14 I cautioned you to warn Stalin and Bukharin not to expect too much in view of the laughable fiasco of your attempt to capture the New York State Chamber of Commerce If you warned the Bolshevists as I suggested you certainly did not warn yourself In your note to me of April 15 you stated that prior to sailing you had sought to obtain all possible infor mation from heads of the American Federation of Labor and that while abroad you would confer with the crowned and uncrowned heads of European governments which had recognized the Soviets Would you mind telling me just who were those heads of the American Federation of Labor Did they include William Green Matthew Woll Hugh Frayne and Ellis Searles Or were they made up of such conspicuous friends of the Bolshevists as Timothy Healy Albert F Coyle and John Brophy all ex It may be that instead you conferred with your friends William Z Foster President of the labor officials Trade Union Educational League Scott Nearing Frank P Walsh or Basil Manley Again I am curious to know just who were the officials of European governments with whom you conferred It looks as though you did not talk with anybody except the Soviet agents themselves because at the very time you were in Europe M Herbette the French Ambassador to Moscow was telling Tchitcherin that unless the Bolshevists stopped the infamous work of the Third International in France and saw to it that the Soviet Embassy ceased to violate every canon of common decency France would kick them out just as England had done You would have found out further had you interviewed anyone but Bolshevist agents that Germany Italy Belgium and Greece were telling your hospitable if bloodthirsty hosts that they had stood about all they were going to stand in the 0 matter of the persistent and continuous Soviet plottings to overthrow their respective governments while at the same time publicly fawning at their feet in the attempt to negotiate loans Of course as you know recognition by France and England never would have been ob tained in the first place had not both Governments been in the hands of the Socialists at the moment In the New York Times of July 31 Edwin L James describes in detail the attitude of each European country which has accorded recognition to the Soviets closing with this illuminating paragraph In other words the countries which gave de jure recognition to the Soviets are coming to believe that the only tangible result has been on the one hand to strengthen the Red regime in Moscow by giving it added prestige and on the other hand to facilitate the propaganda work of the Reds in countries which harbor their plenipotentiaries Neither result is especially gratifying If you had called on Mr James you might have been put in touch with these actual conditions in Europe thus saving Mr Skvirsky and yourself the embarrassment of displaying such woeful ignorance in this connection Evidently you did not deliver my message to Messrs Stalin and Bukharin suggesting that they cease their ridiculous efforts so capture the American Federation of Labor That they are still trying to run the labor movement of this country is evidenced by a Moscow cablegram in the Daily Worker of July 8 signed by Bukharin President of the Executive Committee of the Communist International and prefaced by the peremptory order that You should publish the following cable of the Communist International in the Party Press This relates to the internecine war between the Lovestone and Foster factions over the program to promote Communism in the ranks of American labor The instructions which take up six columns of the Worker are complete in every detail but the following paragraph will indicate their general tone The most important weapon in the struggle against the bourgeoisification of the working class is the strengthening of the Communist party With the greatest energy the party must overcome the existing difficulties The division of the American working class into native foreign born and Negro workers makes great demands for increased activity among the Negroes Work among foreign born workers must also be increased But the most important task in the present stage for the development of a strong party consists in drawing thousands of native born workers into the party in order to bring a fundamental change into its composition and to estab lish in this way a closer connection with the decisive sections of the American working class Your book USSR reflects only the views continually aired by you in the past How familiar Russia is there her people are there She will be either a good neighbor or a bad neighbor to civilization The first two statements are ponderous inescapable facts the third while ponderous is not so inescapable She might be neither a good neighbor nor a bad neighbor to civilization but just Recognizing the evils of Bolshevism you wind up your book with The dilemma which faces civilization is how to draw Russia toward the West to cure the disease of Bolshevism to avert the menace of revolutionary Asia And you declare with fine rhetorical effect Such is the supreme chalicaige to the business statesmanship of the world Then with flags flying and drums beating you sail right in to develop this business statesmanship by proposing that the U S Chamber of Commerce establish a bureau in Moscow to promote business How delightful You were good enough to think it all out for the officials of the Chamber and to tell them just how to do it even suggesting their managers I note however that you left out the most important thing that Ivy Lee and Associates would be the publicity agents for the joint enterprise While with a great air of frankness and fairness you seemingly make a number of admissions in USSR they relate only to matters which have already been fully exposed by others For instance in the chapter on How the World Learns of Russia it is freely conceded that the actual facts cannot be sent out that all cablegrams are censored and that if a correspondent should be caught in the attempt to smuggle matter through some outside city he would have to leave Russia instanter But all that is so well known that many big papers refuse to publish any cablegrams or correspondence from Russia at all because such matter is nothing but Soviet propaganda and therefore not news Another instance of great frankness is your description of the failure of certain big concessions which once were largely exploited by Soviet Russia as bait for other capitalists Everything in that chapter has been pub rill fished far and wide for two years Also there are some others which might well be added to this list In fact it can be generally stated that your whole report is made up of material which could be dug out of any library on Russian affairs including that much OVER overworked legend that the Third International is entirely independent of the Soviet Government You quote Russian officials as declaring that If the Soviet Government is to be held responsible by the American Government for the individual actions of either political parties in Russia or of organizations such as the Communist International which may for their own reasons have their headquarters in Russia any agreement is simply out of the question Italics supplied That ought to settle it The idea that at this stage of Russian history the Soviet Government does not control the Third International is so notoriously preposterous and asinine that your own self respect should have caused you to rise at that point and say Gentlemen I bid you good day In addition to being a band of assassins and looters as you are called in America you are a set of consummate and clumsy liars Even Ramsay MacDonald says in this week s issue of the Nation a high brow pro Soviet organ Revolutionary propaganda from Moscow and by organizations like the Third International the official status of which the Moscow Government dares not repudiate if the point is pushed cannot be tolerated I find nothing in your book to indicate that you attended the solemn conference at the graduating exercises of the Kommunist University Toilers of the East which was being held while you were in Russia Your friend Rykov was present and he should have taken you as a guest In opening the meeting the director of the University declared We the toilers of the East will meet you on the same battlefields at the fronts of the World Revolution She thereupon read a letter from your hero Comrade Stalin regarding whose growing conservatism you assure us so positively I quote the following passage Two years ago at your assembly I spoke of the goals of the university accomplished in the Soviet re publics and in the oppressed countries of the East Carrying on its work the university is now sending right into the tire of the battle new companies of fighters its fourth graduation representing 74 nationalities comrades who are armed with the tremendous arms of Leninism These comrades go to their fighting in one of the most serious moments of history Anent your brilliant suggestion that if we would lend Russia say she would pay of her debts there is much to be said Every crooked debtor in Sing Sing would be glad to do the same thing the difference being one not of principle but of magni The Soviet officials would expectand in tact many of them have boasted of itthat long before the loan became due the World Revolution would wipe it out and that in addition the loan itself would help to produce that very revolution This is beautifully elucidated by Bukharin Stalin s chief mouthpiece when he tude observed On the one hand we admit the capital element we condescend to collaborate with it but on the other hand acter and lowered the living standards of 140 millions of people Nor can the National Chamber forget the recent unfortunate experience of other countries in dealing with the Soviets whose every effort short of open war has been to overthrow the governments of those countries It cannot therefore ask American business to trade with a political group whose system is that of selling for cash or its equivalent and buying with little cash and large credit in order to provide funds to finance propaganda designed to overturn existing governments and to maintain its grip on helpless millions of its own people Since you invariably blend your sense of business statesmanship with your humanitarian instincts let me suggest with respect to the great job which you have taken onthat of educating and civilizing Russian peasants that there are Chinese peasants who likewise need straightening out How much greater would be the joy and glory of raising them up from their ignorance and filth to a plane where every year we could sell them pairs of shoes billions of yards of fabrics sewing mechines radios soap automobiles Bibles don t forget that you were once the son of a Methodist clergyman and so forth Why that is a real man sized job which you might get the U S Chamber of Commerce to take on under your thorough and efficient supervision Think of the billions and billions of dollars that you could bring into the United States With your great vision you could readily estimate how many times they would encircle the globe if placed end to end all lending itself to front page stories and pictures in the cosmopolitan press with redounding credit to Ivy Lee and Associates Drop that piker job for the real thing the enterprise Like your Soviet friends they are human beings they are there and they are going to stay there unless you can get them out You seem to make much of the cablegrams sent by President Wilson and Samuel Gompers in March 1916 to the All Russian Congress of Soviets at Moscow that of the former evidently being to your mind al most tantamount to recognition Of course I assume with respect to the latter that you are aware of the fact that his message was sent not by the American Federation of Labor but by the American Alliance for Labor and Democracy of which Mr Gompers was President Since your eyesight is so good that you can discern the difference between the Soviet Government and the Third International I am surprised that you did not see the difference between the American Federation of Labor and the American Alliance for Labor and Democracy Furthermore you cannot fail to realize that the expression of sympathy in that mes sage was extended to the Russian people and not to the Bolshevik leaders It was very far from being an endorsement of Lenine and Trotzky and the monstrous autocratic regime which they were to develop In fact Mr Gompers seemed to prophesy just such a condition in his following closing paragraph our final end is to eliminate it radically to conquer it To all those who strive for freedom we say Courage Justice must triumph if all free people stand united against autocracy I In the light of that doctrine what dilemma or supreme challenge confronts American business men President Wilson s cablegram likewise seems to have been drafted in the same cautious fashion Let me quote economically as well as socially You state that what Russia must do to gain the confidence and support of mankind is to establish real freedom of thought action and belief and take all possible steps to remove from within her borders any organization which seeks to upset the institutions of friendly nations through violence Italics yours All that sounds pretty good but suddenly it appears that such a happy state of affairs could be brought about only by the United States making the Russian people so prosperous that there would be no excuse for her not being a good neighbor With almost human intelligence you have finally discerned that the great enemy of mankind is the Communist International But you add that The supreme problem is how to drive a wedge between the Commun ist International and the Russian people so that the Russian people themselves will come to feel that they want none of the International or its works other words that the disease of Bolshevism can be cured by making the people prosperous even in spite of themselves Very simple indeed And the first thing for us to do of course is to open up trading and banking relations with Soviet Russia something you have been try ing to bring about under various guises for several years For fear that in your busy life you may not have given careful study to Mr Pierson s reply let me quote a few passages as follows in which are reflected the high moral character and patriotic spirit characterizing our representative business men and which must have made you wince a little if you still know how to wince The whole heart of the people of the United States is with the people of Russia in the attempt to free themselves forever from autocratic government and become the masters of their own life Do you think Mr Lee that if alive today Woodrow Wilson would regard the Russian people as hav ing become the masters of their own life or that Samuel Gompers would consider that they had secured freedom Didn t Mr Skvirsky slip a cog when he included those two cablegrams in your report In your letter of July 5 to Mr Pierson you say It is very likely that a considerable time must elapse before formal recognition can or should under any circumstances be given to the Russian Government by the American Government Strangely enough however owing to the peculiar social and political economy of the Russian regime Russia stands in a position where or in political recognition is of relatively small importance except in its relationship to business In other words it having finally dawned upon you that our Government never would recognize Soviet Russia while it was in the hands of the buccaneers now in the saddle over there you have suddenly discovered that it does not need any recognition You stress the point that all foreign business with Russia is done with the Government itself You state The Government is the sole buyer and the sole seller on behalf of Russia in foreign markets The Government is the sole borrower and the sole creditor in international finance Then immediately follows this amazing statement The National Chamber by official action of its member that is amazing for you to concede although everybody government And we resent the implication in your letter that for commercial gain American business recognize throughout the world is in the back of the Bolshevik organizations unanimously endorses the action of our even to this extent the soviet regime which by the pronouncements of its leaders and by its deeds has proved to be one of continuous tyranny bad faith confiscation of property and denial of individual rights We do not believe that it is possible to bring the Russian people back to normal conditions through trade relations as long as they are under the complete control of such insincere unrepentant and misguided rulers as those who in the last ten years have degraded the char else has known it for a long time World revolution the ultimate ambition of Socialism mind And yet knowing that situation you are still trying to help the Soviets get money from the United States to finance their movement to overthrow all the governments of the world including our own The moral issues involved in the idea of patriotic Americans supplying the funds to enable the Bolshev 1 ists to achieve their dastardly purpose have been contiful the rhetoric with which he may envelop the latter spicuously brought to the front during the past week in But there are limits He may contribute to the gayety the controversy between the Standard Oil Company of of nations in general and even make a public nuisance New Jersey and the Royal Dutch Shell interests on the of himself on occasion but he must never no never one hand and the Standard Oil Company of New York make an ass of himself We can t stand that In this r and the Vacuum Oil Company on the other This conconnection we are told that you made a tearful appeal troversy clearly raises the question Shall confiscated to the Secretary of Stateand doubtless you have adoil in Russia be purchased by American corporations dressed President Coolidge and Chief Justice Taft also thus furnishing the millions which will make it possible Why not They are helpless to stop the delivery of mail for the Soviets to promote their revolutionary propato themselves But copies of these letters can be mailed ganda with renewed zeal Significant in this you to Stalin Bukharin Co to show your close by connection is the account of the Herald Tribune August 3 relations with the powers that be For fear you 1927 of a letter sent to Mr John D Rockefeller Jr and Skvirsky will neglect to send to your Moscow by Sir Henri Deterding managing director of the hosts the stinging reply of the U S Chamber of ComRoyal Dutch Shell oil group in which he appeals to merce I am having copies mailed to them together with Mr Rockefeller from the standpoint of the latter s Chester M Wright s attack on the Amtorg as well as interest in church and philanthropic work to cease negotiating contracts with the Soviets and to withdraw from any financial deals with the Russian Soviet gov ernment He points out that the Soviets have destroyed churches and similar institutions as well as having confiscated property and nationalized all industry In a statement published in the New York Times of July 30 Mr Deterding gave the reasons for his re fusal to purchase Soviet gasoline While I am not in the least concerned in the fight between the various oil companies I so like Mr Deterding s way of discussing the Moscow gentry that I quote him as follows I refuse as a man who believes in the good order of established society to have anything to do with gasoline which is in the hands of twelve unprincipled cut throats whose hands are stained with the blood of their victims These assassins are outside the pale of all decent civilized trading and are as unscrupulous in their methods of trading as in their seizure of power Every company is affected the Standard Oil Company no less than my own The Standard Oil Company of New Jersey which is entirely separate from the Standard Oil Company of New York and is the largest oil company in the world issued the following statement on July in explanation of its attitude on the question of purchasing stolen oil The Soviet Government seized all of the producing oil wells refineries and assumed full proprietary rights over the private property represented by the oil industry in Russia without any pretense of compensation Subsequently the Soviet Government tried to raise capital abroad by selling oil which it has thus confiscated Efforts were made to open a regular market for Russian oil products with various interests including European subsidiary companies of the Standard Oil Co of New Jersey At that time the Standard Oil Co of New Jersey made it clear that it would not enter into any negotiations with representatives of the Soviet Government looking to the purchase of oil without assurances that claims of the rightful owners of the properties would be met It took the position that if it participated in the sale of Russian oil a part of the proceeds should be allocated to the indemnification of the former owners As the Soviet Government was unwilling to agree that private property rights should be thus recognized negotiations terminated and have not since been resumed with the Standard Oil Co of New Jersey or any of its foreign subsidiaries To break the force of the above attacks on those dealing in confiscated oil the handful of Red editorial writers on capitalist papers in this country are crying out If we are not to buy oil because it is confiscated what about accepting stolen Russian money for our cotton And what about purchasing furs from the Soviets There are certain general observations to be made in respect to these two questions One is that in the case of Russian money it is not all stolen In the first place whether we like it or not the Bolshevists have succeeded in erecting a going concern even if upon a foundation of murder and loot Through the industry of human beings the Soviet Government has an income derived from taxation as well as from the profits of its industrial undertakings besides its foreign loans Unfortunately it is not possible to separate any portion of that income as having been stolen from any particular individual This is precisely the situation which arises where currency has i been stolen from anyone and is unmarked there is no way of identifying it Of necessity it passes as honest currency thereafter without question On the other hand where specific property which belonged to individuals prior to the October 1917 Revolution is offered for sale and can be identified that is stolen prop erty so far as the Government of the United States is concerned and it should be so treated by our people So far as the furs which we are buying of the Soviets 1 i i today are concerned I imagine that they come from copies of my correspondence with you Since through your latest undertaking to translate our American ideals into terms of commercial gain you are trying to bring to the surface again the question of the future relations of this country with Soviet Russia let me close this lengthy letter with quotations from a few prominent individuals and organizations bearing upon this subject for which I bespeak your careful consideration They are President Coolidge I do not propose to barter away for the privilege of trade any of the cherished rights of humanity I do not propose to make merchandise of any American principles These rights and principles must go wherever the sanctions of our Government go Elihu Root For the United States to recognize Russia would be to publicly acknowledge that the avowed purpose of the present Russian government to overthrow by force our system of government is consistent with international friendship Of course that would be a lie New York State Chamber of Commerce Recognition would accord diplomatic and consular privileges to the agents of the Soviet Government whereby they and their staffs could establish foci for the dissemination of subversive doctrines at their convenience throughout the United States and we would be unable to stop it save by a breach of relations after the damage was done American Federation of Labor We regard the soviet regime in Russia as the most unscrupulous most anti social most menacing institution in the world today Between it and our form of political and social organization there can be no compromise of any kind We repeat the call to American trade union ists to stand true to their faith to be militant in their defense of the principles of freedom and justice for which our movement stands and upon which our democracy rests its foundation walls Sir Robert Horne one of the signatories to the British trade agreement with the Soviets Nearly every stipulation that was solemnly made in the agreement has been broken from time to time and has been broken in the most flagrant fashion during the past ten days by persons who were solemnly bound to its terms Matthew Woll The American Federation of Labor has placed its opposition to the recognition of Soviet Russia upon broader fuller and more humane principles than principles of commercialism or industrialism because we have said that until there is established in Russia a government for the people of the people and by the people rather than a government by murder and theft we should not recognize such a government The National Civic Federation We believe that recognition of Soviet Russia would be a repudiation of all that our national life has represented for a hundred and fifty years and of all the spir itual ideals for which modern civilization has striven for two thousand years Darwin P Kingsley We have an old fashioned idea in this country that a common thief should put on sackcloth and ashes and if he doesn t put them on we put them on him in the shape of stripes Charles Evans Hughes answering those who for two years have been proposing a commission to negotiate with the Soviet Government There would seem to be at this time no reason for negotiations The American Government as the President said in his message to the Congress is not proposing to barter away its principles If the Soviet authorities are ready to restore the confiscated property of American citizens or make effective compensation they can do so If the Soviet authorities are ready to repeal their animals which escaped confiscation by the Russian Gov decree repudiating Russia s obligations to this country ernment in 1917 Even if they had been confiscated I am sure that they would have been too young at that time to resent it The Soviet Government has for sale quantities of other stuff which is not stolen A large portion of the wheat comes under that category because it is raised on property belonging to the peasants Even in case the Soviets did steal it from their own peasants that would be no affair of ours if the latter were supine enough to stand for it Much is permitted a professional publicity man especially when he affects also the role of statesman because of the recognized commercial motive which must dominate his every act and every word however beau It requires no conference or negotiations to accomplish these results which can and should be achieved at Moscow as evidence of good faith and appropriately recognize them they can do so The American Government has not incurred liabilities to Russia or repudiated obligations Most serious is the continued propaganda to overthrow the institutions of this country This Government can enter into no negotiations until these efforts directed from Moscow are abandoned Sincerely yours RALPH M EASLEY READ TRU CAREFULLY FOR IT RELATES TO INSTRUCTIONS GIVEh TO COMMUNISTS FOR AN ATTACK ON LABOR BANKS EXTRACT FROM THE RESOLUTION OF THE COMINTERN ON THE AMERICAN QUESTION ENDORSED BY THE PRESIDIUM OF THE EXECUTIVE COMMITTEE OF THE COMMUNIST INTERNATIONAL Igly L The Party must carry en the struggle against the reactionary trade union bureaucrats for the transformation of the unions into militant organizations and for broadening their basis thru the organization of the unorThe economic struggles of the workers must be developed ganized masses extended and intensified by the Party in order to increase the class solidarity of the masses The Party must oppose the reactionary government as an executive organ of the imperialist trust and finance capital as an enemy of the working class who in every struggle supports the bourgeoisie with all the means at his disposal and as an instrument for the oppression of colonial peoples and for fomenting new wars In order to expose the anti labor character of the institutions of trade union capitalism labor banks trade union insurance corporations etc to undermine the confidence 9f the worker in these institutions and to free the labor movement from their disintegrating effects the Party must also put forward other specific proposals in accordance with the concrete circumstances To this category of proposals belong struggle for social legislation administered by the insured This struggle must be carried on with the understanding that reforms are by products of the revolutionary struggle for social legislation is not in itself an effective weapon against bourgeoisification At the same time the Party should encourage the development of a powerful genuine working class co operative movement which must be closely connected with the class struggle of the proletarian movement All measures must be taken in order to eliminate the influence of the reactionary labor bureaucracy and to place leadership in the hands of Communists and of other reliable left workers The freeing of the trade unions from trade union capitalism and the complete separation of the trade unions from the labor banks is an important premise for the development of the trade unions into fighting organizaThe Party must develop concrete methods of struggle in order to tions develop effective resistance against the linking up of the trade unions and labor banks Whenever it appears evident that the mobilization of the masses for resistance to trade union capitalism in the form of labor banks can best be effected by demanding the transformation of these enterprises into co operative labor banks under the actual control of and direction by the workers the Communists can bring forward such P exsesale relating them with other concrete demands in their agitation and more eounteracting thereby the demagogy of the reactionary trade unio n illusi iyttsjmust certainly not allow itself to be carried away by be possibre4 WAT X4 a of such a transformation of the labor banks which may the Party to for It would be a mistake a few individual cases the foreground of its work these questions in le labor banks which pretend to be The Party must do its utmost to expose reality entirely bound up with the co operative banks but which are in exists and where it seems big capitalist banks Where the possibliity basis of such institutions advisable end after making the economic controlled by the workers themselves tnoroly secure co operative banks the means at the disposal of the can be established in order to use basis of the labor movement workers for strengthening the material in this manner be used for antiUnder no circumstances can money raised for building up of a powerful proletarian aims it must rather be used interest of movement and for other purposes in the workers co operative loans to the Soviet Union the working class as for example granting PRESIDENT JOHN J MUNHOLLAND WILLIAM REED HAROLD G GRIEF VICE PRESIDENT PETER J BRADY VICE PRESIDENT AND TREASURER ASSISTANT TREASURER MEMBER OF THE FEDERAL RESERVE SYSTEM FEDERATION BANK AND TRUST COMPANY 34TMSTREET EIGHTH AVENUE NEW YORK CrrY January Mr Benjamin A Strong Governor PSderal Reserve Bank New York City Dear Mr Strong His Honor James J Walker and William Green President of the American Federation of Labor have selected Tuesday evening February 7th as the date when they can come to the Advisory Committee Dinner of the Federation Bank and Trust Company Am herewith extending to you a cordial invitation to attend our Party on that date which will be held at the Hotel Biltmore at 7 00 o clock and assist us in honoring Mayor Walker and President Green Thanking you for letting me know if you will be with us I am Yours very truly PJB BMP President 87 r frt ICERS EXECUTIVE COMMITTEE HONORARY PRESIDENT CALVIN COOLIDGE CHARLES E SAWYER CHAIRMAN D R CRISSINGER EDWARD B McLEAN JOHN W WEEKS JOHN BARTON PAYNE CHARLES G DAWES FRED W UPHAM JOSEPH S FRELINGHUYSEN PRESIDENT JOHN HAYS HAMMOND VICE PRESIDENT JOHN BARTON PAYNE 2ND VICE PRESIDENT ALBERT D LASKER 3RD VICE PRESIDENT GEORGE B CHRISTIAN JR SECRETARY ANDREW ELLON TREASURER THE HARDING MEMORIAL ASSOCIANeNNOWi EDOE D BOARD OF TRUSTEES PRESIDENT CALVIN COOLIDGE CHARLES E HUGHES ANDREW W MELLON JOHN W WEEKS I IARRY M DAUGHERTY HARRY S NEW EDWIN DENBY HUBERT WORK HENRY C WALLACE HERBERT HOOVER JAMES J DAVIS JOSEPH S FRELINGHUYSEN CHARLES E SAWYER D R CRISSINGER CHARLES G DAWES EDWARD B McLEAN JOHN BARTON PAYNE FRED W UPHAM JOHN HAYS HAMMOND GEORGE B CHRISTIAN JR HOKE DONITHEN JAMES F PRENDERGAST HEADQUARTERS 1414 F STREET WASHINGTON DEC BR Glens Falls N Y December Benjamin Strong Governor New York City PUBLICITY COMMITTEE JOHN W WEEKS CHAIRMAN WILL H HAYS GEORGE R HOLMES MALCOLM JENNINGS ALBERT D LASKER LAWRENCE C MARTIN JOHN W MARTYN LEROY T VERNON SPECIAL GIFTS COMMITTEE JOS S FRELINGHUYSEN CHAIRMAN C GLOVER FREDERICK HALE FRANK J HOGAN DWIGHT W MORROW JAMES PARMELEE GEORGE M REYNOLDS HENRY WHITE Dear Governor Will you consent in the spirit of patriotism and respect to the use of your name as a member of an advisor board of one hundred prominent citizens in the work of our New York SPEAKERS COMMITTEE JOHN BARTON PAYNE CHAIRMAN ARTHUR D CALL JOHN TEMPLE GRAVES DR THOMAS E GREEN DAVID JAYNE HILL WILLIAM MATHER LEWIS JOHN POOLE W L RADCLIFFE THEODORE G RISLEY ROLLAND S ROBBINS ORGANIZATION COMMITTEE R CR1SSINGER CHAIRMAN GEORGE E CHAMBERLAIN FRANK T HINES CLARK HOWELL HENRY C WALLACE W B WOODBURY HUBERT WORK State organization of Harding Memorial Association nonpartisan Duties will be curtailed and honorary Please advise promptly Very respectfully ASSOCIATIONS COMMITTEE CHARLES E SAWYER CHAIRMAN NICHOLAS MURRAY BUTLER MRS CALVIN COOLIDGE JAMES J DAVIS HARVEY S FIRESTONE HERBERT HOOVER CHARLES E HUGHES W FREELAND KENDRICK ELMER S LANDES JOHN A LEJEUNE A P SANDLES c New York State Chairman Harding Memorial Association WAYS AND MEANS COMIWi TEE EDWARD B McLEAN CHAIRMAN CHARLES J BELL DAVIS ELKINS SAMUEL J PRESCOTT THEODORE ROOSEVELT CUNO H RUDOLPH CONTRIBUTIONS EXEMPT FROM FEDERAL INCOME TAX y Eeei dme of i 1 Uit 3 cfr lo f hrge arft ic fir iariclo sr amsn tuot 1 jr9qt g 7 kr 3Y r j fi f7 qt 1 0 NV X Y E 10 f f C a laflo beln f o x1t4m014 mttoeciasq xieV rizx 1 aff0 3J E12 IBIlome11 BalbIsH lofilci lo r Istrioael b no tEC irli f k e A r Alb December 14 1g23 My dear Mr Colvin Much as I sympathize with the purpose cf the ilarding emorial Association I do not icel able to serve as member of the Advisory Loard which ycu were good ennugh to unite me to oo President Harding pp 4J t pereonal frind of mine for whom I had the higheet possible regac d but tlisre are many c here who can give more time to work et this kind tiln I am able to Ore bAnd I feel that I liould be deprivikg you of the services of some pex on who wouls be not only equally interested but laso fres t become r24 active participant in the plan Thanking you cordially for writing me Yours ve r truly Mr A B Colvin Glens Fails M Y BMA aCkNOWI EDOECt ECUTIVE COMMITTEE CERS HONORARY PRESIDENT CALVIN COOLIDGE DEC JOSEPH S FRELINGHUYSEN PRESIDENT JOHN HAYS HAMMOND VICE PRESIDENT JOHN BARTON PAYNE 2ND VICE PRESIDENT ALBERT D LASKER 3RD VICE PRESIDENT GEORGE B CHRISTIAN JR SECRETARY LLON TREASURER ANDREW W r 4 THE HARDING MEMORIAL ASSOCIATION 141117CUARTERS 1414 F STREET BOARD OF TRUSTEES PRESIDENT CALVIN COOLIDGE CHARLES E HUGHES ANDREW W MELLON JOHN W WEEKS HARRY M DAUGHERTY HARRY S NEW EDWIN DENBY HUBERT WORK HENRY C WALLACE HERBERT HOOVER JAMES J DAVIS JOSEPH S FRELINGHUYSEN CHARLES E SAWYER D R CRISSINGER CHARLES G DAWES EDWARD B MCLEAN JOHN BARTON PAYNE FRED W UPHAM JOHN HAYS HAMMOND GEORGE B CHRISTIAN JR HOKE DONITHEN JAMES F PRENDERGAST PUBLICITY COMMITTEE CHARLES E SAWYER CHAIRMAN D R CRISSINGER EDWARD B McLEAN JOHN W WEEKS JOHN BARTON PAYNE CHARLES G DAWES FRED W UPHAM NEW YORK STATE ORGANIZATION HONORARY CHAIRMAN ALFRED E SMITH STATE CAPITOL WASHINGTON CHAIRMAN ADDISON S COLVIN GLENS FALLS VICE CHAIRMAN ARTHUR WILLIAMS NEW YORK SECRETARY FRANK D MOREHOUSE GLENS FALLS TREASURER A A MILLER NEW YORK Glens Falls N Y Dec 17th 1923 Governor Benjamin Strong Federal Reserve Bank 15 Nassau Street New York City JOHN W WEEKS CHAIRMAN WILL H HAYS GEORGE R HOLMES MALCOLM JENNINGS ALBERT D LASKER LAWRENCE C MARTIN JOHN W MARTYN LEROY T VERNON SPECIAL GIFTS COMMITTEE JOS S FRELINGHUYSEN CHAIRMAN C GLOVER FREDERICK HALE FRANK J HOGAN DWIGHT W MORROW JAMES PARMELEE GEORGE M REYNOLDS HENRY WHITE SPEAKERS COMMITTEE JOHN BARTON PAYNE CHAIRMAN ARTHUR D CALL JOHN TEMPLE GRAVES DR THOMAS E GREEN DAVID JAYNE HILL WILLIAM MATHER LEWIS JOHN POOLE W L RADCLIFFE THEODORE G RISLEY ROLLAND S ROBBINS Dear Governor Strong With the understanding that no intrusion will be made upon your time no service expected of you and no obligation is implied b acceptance of our invitation to permit the use of your name as sponsor of Harding Memorial Association I trust you will permit that service I have submitted my list to Governor Crissinger your associate in the Federal service under whose direction I am acting and would not like to see your name eliminated ORGANIZATION COMMITTEE R CRISSINGER CHAIRMAN GEORGE E CHAMBERLAIN FRANK T HINES CLARK HOWELL HENRY C WALLACE W B WOODBURY HUBERT WORK You will be in good company as my Advisory Board is most representative Sincerely ASSOCIATIONS COMMITTEE CHARLES E SAWYER CHAIRMAN NICHOLAS MURRAY BUTLER MRS CALVIN COOLIDGE JAMES J DAVIS HARVEY S FIRESTONE HERBERT HOOVER CHARLES E HUGHES W FREELAND KENDRICK ELMER S LANDES JOHN A LEJEUNE A P SANDLES WAYS AND MEANS COMMITTEE ABC G New York State Chairman EDWARD B McLEAN CHAIRMAN CHARLES J BELL DAVIS ELKINS SAMUEL J PRESCOTT THEODORE ROOSEVELT CUNO H RUDOLPH CONTRIBUTIONS EXEMPT FROM FEDERAL INCOME TAX December Dear Sir am sorry to pay that there will be a few days delay in Mr Strongls answering your letter of December 17 68 he is in Washington and not likely to return before the end of the week Tours very truly Secretary to Mr Benj Strong Ir A B Colvin Glens Falls N T December Dear Sir Mr Strong has just returned to the city and he has asked me to eend you prompt vrrd that be thanks you for your cordial letter of December 17 and regrets very much that he cannot serve as Advisory n nvmher of thBc rd of the HardinE Memorial Association Appreciating yur invitation re sincerely 3scret9ry to r Benj Strong Mr A B Colvin Glens Falls N f AMEmomuzpalgyroNGhDpunAirLoN THE LEFE AND SERVRCE OF GkmAll 77 ENG If in the fortunes of human affairs assuming the responsibility which has come to me I can in understanding and sympathy and in firm resolution and devotion somewhat touch the disappointments of yesterday and turn them into a hopeful fruition for the morrow I shall have indulged the dearest purpose of my life Q Born at Blooming Grove Ohio November Newspaper publisher November Married July Elected Ohio State Senator November Elected Lieutenant Governor of Ohio November Elected United States Senator November Nominated for President June Elected President November Inaugurated President March Died at San Francisco August Harris Ewing GAMALIEL HARDING died in the service of his country at San Francisco on August His stewardship as President was limited to little more than WARREN half the span of his allotted term He came to office at a crucial period in the Nation s life The World War had left momentous problems of domestic readjustment The machinery of government set racing at top speed by the great conflict must needs be slowed the economic sanity of peace times be restored the life of the Republic be returned to normalcy America s obligations to a distracted world be discharged The burden was one to tax the utmost of human ability strength and understanding But two years and five months were given to this man to show the measure of his fitness for the task to set his impress on the record of his time The People s Qnfeasure of the cAfan Yet on that sad and memorable journey from the Pacific shore to the Nation s Capital and on to his beloved boyhood home in Marion the people of the Nation paid a tribute of affectionate appreciation such as few men have received from those of any land or any timea tribute more sincere and moving because silent and from full hearts In far mountain hamlets on the wide stretches of the plains in the great cities along the way in sunshine and in rain in the day and in the watches of the night they gathered in endless multitudes and waited patiently through the long hours in silent sorrow at the loss of one who had served them well in the great affairs of office but more because he had in the brief span of that service become kin with each one of them in the ties of a common fellowship and human sympathy It was a moving tribute unparalleled in the vastness of its geographic settings in the spontaneity and sincerity of its expression and in the number of those who had a part The full measure of President Harding as statesman may await the slow retrospect of time The people of the Nation have graven indelibly on the living record of the day their estimate of hi m as citizen and man 13 Memorial of Enduring Appreciation The Ofan of the Hour In the Providence that shapes the ends of nations Warren G Harding was called to office when the wise human sympathetic friendly qualities of such a man alone could have sufficed He was the man of the hour when the hour struck It was much that he could bring to the country s service the ripe experience of years spent in the National Senate much that this equipment should have been enhanced by the closer contact with the people which the machinery of state legislation gives but it was much more that with his breadth of vision and experience he brought such a wealth of the homely virtues of gentleness urbanity calmness and human sympathyabove all abiding faith in the goodness that is in all men Warren amaliel Har di n g abolition of the excess profits tax and advocacy of America s participation in the so called World Court stand out as examples of his most worthy and constructive statesmanship But time was not given in which to show in full measure the purposes he had set himself Only was there time for the people of the Nation to know what manner of man had come forth to serve them in their highest place of trust only was there time for them to enshrine him in their hearts as the friends who knew him had done from the beginning Olan from the Soil Warren Harding was such an American as we like to think all Americans should be He loved his fellows because he believed in them He came from the soila farm out in the Buckeye State Q Yefan of Peace He was a man of peace and his desire was to restore it to a distracted world He was a man of business and it was his purpose to apply the sanity of its principles to the governmental operation He was a man who believed in people and the compelling motive of his life was to serve them Even in the pitifully small time given to him in his great office his work was of lasting moment He gave to the country a definite start in the readjustment of its finances toward practical economy following war s era of lavish spending He voiced this purpose to keep government expenditures within national income in his first address to the Congress The Budget Bureau of the Treasury was the outgrowth of this determination He sponsored the Washington Conference on the Limitation of Armament as a part of his service toward restoring the world to peace 0I The Four Power Treaty was another step toward the desired goal Among the fine achievements of his administration the refunding of the national debt on a basis which insured substantial reduction in the taxpayers burdens the readjustment of the British debt revision of the tariff settlement of the coal and railroad strikes He labored hard and understood The successes of his life were the results of work He lived on Main Street and knew its people He knew their troubles and their hopes He loved his country and admired its greatness and power its goodness and its beauty He believed in it as a land of opportunity He wanted others to see it and believe in it as he didas something wonderful to live for and if needs be die for His buoyant sense of loyalty and patriotism was inbred in the sturdy American stock from which he sprang The Hardings believed in doing the helpful worth while things of life His mother was a devout Christian whose faith found expression in service to others His father has devoted his life to ministering to the sick His sisters gave their lives to teaching the blind to work in the missionary field and to the cause of better education A brother followed in the father s footsteps in allaying human suffering The foundation of President Harding s broad vision and understanding of domestic and international affairs was laid as an editor of the newspaper which he acquired and built up in Marion Ohio comprehensive planning for rehabilitation of the Merchant Marine It was there he came to know his fellow mentheir hopes ambitions and desires and it was there he mastered the problems of of Enduring Appreciation business and economics for the manager of a country newspaper must know many things The creed of his life was shaped there at the case Creed Shaped at the Case Be truthful Get the facts Be decent Be fair Be generous he said to his fellow workers In the honors of after years men found he had not forgotten He was truthful In his words and promises there was neither extravagance nor excess He found no need to resort to excuses for promises unkept for he made none that he could not fulfill He got the facts always before reaching decisions on the affairs of state or those of personal concern He sought the real principle of every question the underlying purpose of every plan for in the directness and simplicity of his nature right was ever the thing of first concern Lie was decent always for his was the heritage of a good name and the obligation to a beloved Christian parentage and the dignity and responsibility of an American citizen He held rigidly to the high code of his Christian faith and he loved the out of doors and the wholesome simple sports and pleasures of life that make for decent living and right thinking Warren G a maliel Hardirtg Q 41 Helpful Neighbor Neighbor I want to help was his greeting in the home days at Marion amid the loved and loving friends and associates of his youth and middle life And he did helpwith wise counsel with a ready hand with a cheerful optimism and faith with a neighborly interest in the simple homely problems of the day and with an affection that won the hearts of all men He labored for home ownership in Marion he offered prizes for good gardens for attractive lawns he encouraged thrift and beauty and pride in the home community for to him the home was the center of the Nation s life the inspiration of its highest achievements and ideals And always beside him stood the mistress of his home the wife who inspired his labors who shared his hopes and triumphs who comforted him in the days of struggle and disappointment Neighbor I want to help he repeated to all with whom he touched elbows in the larger sphere of public life It was a proffer as sincerely kept as in the home days in Ohio and at far greater inroad on strength and time Unselfish Devotion He was fair because he respected his fellow men and their right to independence of thought and conviction He was less a partisan than an advocate of the eternal principles of fairness and justice and so he won the respect and affections of men and women of all political creeds He differed with others without rancor and he had the abiding courage to be fair to himself His self forgetting devotion to justice imposed added labor in the consideration of every problem Always he wanted to know He was generous in the fullest meaning of the term for his generosity was of the sort that called constantly for personal effort and sacrifice He was generous in the little things of thoughtfulness ticularly of the young for in them he saw the country s promise of the future He loved children and was given their quick recognition and affection in return No President has to a greater degree combined the dignity of office with democracy and fine humility such distinction of poise and manner with such frankness and simplicity such earnestness and strength of purpose with such tolerance of others views such rugged honesty and unshrinking courage with such tenderness and and memory that make up the chivalry of life For years he thought to send his mother flowers every Sunday He was unsparing in the generosity with which he gave himself to his friends to his country and to humanity how to be fair His love and sympathy and kindly interest in men exacted many sacrifices that he viewed as privileges and pleasures however much they encroached upon his busy hours He sympathized with the ambitions and aspirations of people par consideration Memorial of Enduring Appreciation AMNIMICIIMIN1 Warren Q 61 Q Iran Beloved of the People The necessary association has been incorporated under the laws of Ohio to make possible the consummation of these ends Its members are to serve as stewards of the people whose gift this memorial is to be In this man of lovable human sympathies and understanding the Nation renewed the ties of government with the sources of its beingthe people who give it life It was Harding the man not Harding the President they loved and delighted best to honor It was for Harding the man they sorrowed on that silent homeward journey across the land They had lost a great President but they had lost a greater man It is to perpetuate the great human qualities of the man that a Memorial to the President is to be established It must come from the people out of the fullness of their hearts and their affection or it can be no memorial at all There can be no division of creed color or political association in its building for the heritage of his life and service belongs to all people of all faiths But One Place for Such a Shrine Gamaliel Harding The needed machinery of organization has been perfected It reaches to every resident of every State and Territory and to insular possessions of the United States for this Memorial is to be the people s Shrine Each contributor is to be a perpetual member of the Association The enduring record of his or her donation is to stand in the archives of the Shrine Universal participation in this Memorial is desired for this is to be a testimonial of your appreciationof all America s appreciation and affectionate gratitude It is to endure in memory of a man whose greatness lay in spreading the faith of universal friendliness and good will a man whose brotherhood and unselfish service made the world a better place in which to live And there can be but one place memorialized but one shrine to preserve the memory of such a manthe home he loved and labored in the home from which he drew the finest inspirations of his life It is the purpose to perpetuate this home and to gather under its rooftree the treasured belongings associated with his lifethe simple things that were dear to him and the mementos that a great people bestowed upon him as tokens of their love It is the purpose to build a fitting resting place for his remains an enduring home amid the friendly scenes he knew and so dearly treasured It is the purpose to create an enduring Memorial of his service by endowing in some great central university a department of instruc tion that will fit men and women for intelligent and efficient government employment in its business departments and in its diplomatic and consular branches This is in accordance with his expressed desire and hope It is the purpose to provide a sufficient endowment to make these several memorials permanent and self sustaining The sum estimated as necessary is f8l f9l V 6 MAY BE MADE THROUGH THE LOCAL REPRESENTATIVES OF THE CONTRIBUTIONS MEMORIAL ASSOCIATION IN YOUR HOME COM MUNITY THROUGH THE RELIGIOUS CIVIC EDUCATIONAL OR FRATERNAL ORGANIZATIONS TO WHICH YOU BELONG THROUGH YOUR BANK OR YOU MAY SEND THEM DIRECT TO THE TREASURER OF THE ASSOCIATION THE HON ANDREW W MEI LON WHAT YOU GIVE WILL BE FREE FROM TAXA TION UNDER THE GENERAL RULING THAT GIFTS OF THIS NATURE ARE EXEMPT UP TO 15 PER CENT OF YOUR INCOME CHECKS SHOULD BE MADE PAYABLE TO THE HARDING MEMORIAL ASSOCIATION 1414 F STREET N W WASHINGTON D C S THE HARDING MEMORIAL ASSOCIATION HEADQUARTERS 1414 F STREET N W Washington D C Honorary President Jcting President First rice President Second Vice President Third Vice President CALVIN COOLIDGE JOSEPH S FRELINGHLTYSEN JOHN HAYS HAMMOND JOHN BARTON PAYNE ALBERT D LASKER GEORGE B CHRISTIAN JR ANDREW W MELLON Secretary Treasurer SO Board of Trustees PRESIDENT CALVIN COOLIDGE HON CHARLES E HUGHES HON ANDREW W MELLON HON JOHN W WEEKS HON HARRY M DAUGHERTY HON HARRY S NEW HON EDWIN DENBY HON HUBERT WORK HON HENRY C WALLACE JOSEPH S FRELINGHUYSEN CHARLES E SAWYER D R CRISSINGER CHARLES G DAWES EDWARD B MCLEAN JOHN BARTON PAYNE FRED W UPHAM JOHN HAYS HAMMOND GEORGE B CHRISTIAN JR HOKE DONITHEN HON JAMES J DAVIS JAMES F PRENDERGAST HON HERBERT HOOVER se Executive Committee CHARLES E SAWYER Chairman JOHN W WEEKS CHARLES G DAWES D R CRISSINGER FRED W UPHAM JOHN BARTON PAYNE EDWARD B MCLEAN MiAte k t Z140 41 TRUST C OArrearr 5 aeja41011 PRESIDENT E N PIN Swpm OLIVER FiLER President Wts consin Trust Co Milwaukee Wis FIRST V CE PRESIDENT LAWRENCE L GILLESPIE Vice President The EquitableTrust Co of New York CI1A MAN EXECU VE COMMITTEE F H FRIES PresidentWachovia Loan Tr ust Company Winston Salem N 0 SECRETARY PHILIP S BABCOCK Eleven Pine Street New York 618 Fifth Avenue NHIlr IWItl S Feb FEB My dear Mr Strong I have your kind favor of the third instant and enclose herewith copy of ny letter to Colonel Fries with reference to tfe p 21 tug iL proposed meeting to consider Senator Aldrich s recommendation I shall call you early in the week by telephone to make an appnintment in accordance with your kind suggestion Yours very truly A Vice Pr sident Benjamin Strong jr 7 WW1 St New York k LLG T Enc roh file leifth Avart40 Dear Colonel West I haVe your f nt cresting aosseiniaation of the thirty first u3titao before we in rfou surAgeet having 11 eetingat mot Cev inles in raw ork Ineentugatire with a 3 unshorn or ther 4 Idike up 44 no ug wirns of ienator ti n of tlational Ben s bovine he drich with refrrse to rue COWSEty prlY1704 us or tho civing PtItionsa Solos of these authorities A have 1e1 1 Prier etisr in aluvenue for t wenty four hour esgi have ornsiderad the matter very careftaliy and Willa tallied to 4 taboo vid tr ollflon over t taieptiens and vs relelved an invitation fron fr with btu Jigs raMur I hops we shall get together one of tato early day next see c and thrash tail eletter out among ourselves re d report tr in the reantire AMA the results of our deliberations he plan as put multi rny that see thoughts ocour to forth by ens tor 434rich is vary ratagrre ind gu sere to be rather for the purpoloof cresting discuision Ir th a view to r ultn of 1 10AS Viall Fel actual plan vUrtneriore it 4oes not seialto proniite any irl ediate action Aldrich is reported on he stronc that A ar otor authority to he quite unwell anti the probabilitiee would not be bblo to get HU to our Iscetim It storls 4 1 0 that this part iouler Trust 7calpan7 feature lute not given any prem mance in the p 1 an Cina has net ettrated very wide attention 71 now oust fVecories in general arid partic ularly Wet Companiss in t ha vicinity of tow ork vberc their functions are consider ad to have been wort ed out Dore fully than in cbil iv mere noticsable ge toc ether in a Ireckirtort Eir districts Nri where 41 r size urr o 3o of dlactussing y 14 this id the impression vill b iven out si aly thrit the rust Isal ffiniee soiicitt lay a pronineni part in this onvsseeni are runny the instigators in the pan matter of teat I 4rtikr vary puma shether most of it he in elane 114zit SkiSS of the ricers sill be particui len stor t14 rich s COS41111104dn 1114 fitithtir r3y i St10 GbriAt it tevca 741r are intereasted holier or as cf Itep tentatively proposed 1t hint 11412 ti a mov swent sou d attract unusual attention sad sr bavatilatoly put us upon the defonsive with r r frionds end actua3ly craate a eittm tticto 1 5 10i t 4hic ini4 he very far frvol ropresonting our actue3 sieve luob fart silos t Mint soUld have er Ns very cautioualp considered and no public utterances Appliering c OM from a calculated lulu v 4 should be wore Cef tail it bre really reprewIted the vt ces of our constitAnorts general I snipathiso var fuLty alth trio andarlying motive of your letter nwnillYs tbs 3 rust r otap my coition should intense it wit in public ittb eat no in vh3 oh vti are even remotely invc sad that tide is Val sliest desirable method by stints a can have our influenca recognised It own alter le iat llitieSS Gine M4 to pio Can one up during the nest three ronlibe attach ehou3d need our attention in which case i qi3rt r 1 hesitate to courak sously no itsit gla tuationt that fee about is lane of tie nesting of the AITS eteitilltte Of the at any action which occitre Isoahroneualy altb tu ieeting of the reneral in shying fan on or ahoul ay first trid then have in rot York ting with a din er an a broad scale on or about say Jay the Prosnbers rf rum rust Company i rudd give lac tive Ametittee title outtervi 4the easiwille Coting trld cams to NM York for This dinner We aould a so invite an of the r iimbera of the zse anti e4Yancil st their exTerse 44 attend and invite all to Trust Compan las in t he MitSi3tatee member of the Inset roripany r be represented anti rise than plenty of ttotice in advents sr that they could have every o orti 4ty arrallo be present I sfou ld then have a orupla of speakers lot GS Crate my Isio ice tchcf this Trepesttry Ind either Ift fr al or 3eputor Aldrich tool Ovo tr ai city to present their ideas before 4 holy ocapetent to unUers and cv portte3r4 41 gray it iazre 44 me we would bring it sheut that the int trasting subject pronul iated wield rather contribute to vice inpor tance tan he us eppeetr as the creatnre of the LV insiment 7 she vor7 wJy crevunicate with Co1one2 larwrocrth Id find cut esactly brut 4 hi dates of the 1 ailivilIe ectit4 naturally pruside I an Sandi NC a copy of tills letter to r at our dinner and al so to r shoo mr on ord r strrrE IPs qui te sure that those of tat 101e aro here in w Yerk veuld hete nwillinc to offer our services in Iskin such noutint a very pronounced 314CC04114 ih kind marls lery cordially yours V1 aclene7 roof lent rri 7iiiadhevia Laan e rust Co p 7 4 Ut Vifth Avenue ifrnal 4111 Yebrit Girt rri 11 hrI Ve reur fever of the fit looter ir reference to en toe t vino t try Xmosislion Ind ihs repolled thsnquet by the encre3 4totel nutCcalpsa y I SP afraid that e hove not rade quite aster tr you it is formula Um in re reviderrt inOwe fork sod mIM s of the riembara ni 131 Cntplifkall ho retelenti 4 cI the a think hies the aspersed IPA will earn oho siic ort of the 1evelinc rust Go pany mon of this fire purposirg toming a banquet for 4ust comvisrty run oind eViere interested in those ins titirtions tkIrournoui the ifnited Astes to be held under this auspices of the nisi Cool try eetion of the bell rooss in the eesi US m A A end dart hetorie for t1e 9 not p sr bevel IRO 4 Erlt think thwt ene of the hovetr tlion rn ertin upon I grand aKirw of nor rhea limner ell I prearnin V bergs 42 per seat which will giVe 1etre3sy fer invittel guests stietirnory pestN e krifi printing it imertant subjects before the tenantry et present is tre roper rf the Monetary moriission but 13 net in 4 onfied by LIS et this banquet Ihrtniti be given for the purpose of erneldering this rtsrovit keit reattger Jett et theej the the opportunity will be riven to ilia 20 rep r senti nr this no wire 4 erma before be and rut it in its most 9wrab lirht en4 thee r1 n it forme in WI err hatic rInnrier before on ergarlentirn reprover 143 the bnkrsfren ner ehrlo eountry e conlate the yr net dent VanaCitS3 47 rs ether taffeta es robintrt srid 330o sone we stern or stidill u31 rAorleeriirc western TrA it Cevvany 2an of preeminence and mime private banker who is particularly r the fresti at this Us frrk te e Bank ere 4 onvention he wriUr incl a telk vith ur Vrteland at in 1 eoper3tawn last arr er d whi oh time freetinr 7rn4t Corny repro th er si4eorab1 intorest Vreeland exprelsod o Awes vutr itroni of As iitgOr ens Trust Coppany he htp re lent y leen r Intel find who fouls now tux he did then 1 Ifrosland will he glad to come te our meeting en ety fifth and I think it Wove i 60 proferah1e onhvill for our toaleutise Cona havine hir talre the journor tr ait se liacting where the seope of his uttorons es would nese snowily he vont rest risted in their infl macs I think how xvor it it wiry rhloirahl that all the metteers of should re AA tar 4Ortai Vise ihirt Naivee upon tale iriportant topic end 1 an glad to asiver tikat rut hare fo this ougrastion to tilen by letter 30vral of no are going to lunch or S riday of this week in crier to talk Water e or n rectai with the further the det fifkil meeting this will he Sono in a perfunctory or half haarted sewner ahead as 3 thi is airiest sertoin e prepol3 fair v r4 rive it on I arge scale whatever W43 detornine to ith 4 not get the idea that if we decide to go mak it a molt distinituishoi fa In the m I lha3 I keep lf D4 acquainted with 4 ragorts Very eft ri Jai 1 y7fi4rs ice i reei 4t rise Colonel irstoo A3 Guaranty Trust Company of NewYork 140 Broadway Capital surplus Fifth Avenue Branch ifth Avenue and 43 4 St NewYork Alexander J Hemphill President London Office 33 Lombard Street E C cableAd dr itu Cable Address Fidelitas Gable Adclross Sotramco SLi 7 1 dear B 3 September I am glad to receive your kind letter of the 25th givineme a quotation from Mr KerWs thoughtful and complimentary letter concerning Mr Wyse Recently we received a letter from 7 yse telling us of the rleasure he derived from his privilege to be of such assistance as he could render Of course you know we are proud of the record we have established abroad and we are sparing no pains for increasing prestige there through 71 Wyse s able management I am careful to note Kent s treatment of our London office in connection with new business and I need not tell you how vastly this action is appreciated I am writing Li yse to day for I am sure he will be as delighted with the contents of your letter as I have been With kind regards Yours sincerely Benjamin Strong Jr Esq c o Bankers Trust Company 16 Wall Street City Guaranty Trust Company of ewYork 14 Broadway Fifth Avenue 0 lee Fifth Avenue and 430 St CableAddee 7 Capital Surplus FEDERAL RESERVER gAtttWW4Ec Cable Address Fidelitas Alec 50 II it I0e Please address reply to tararitiy Trust Company of New York Foreign Department I i Y John Bolinger Assistant Manager NewYork Nov B AN w z VAD ins 4 i3 4 REQE E0 ARYV 21J 1916 Federal Reserve Bank New York City Dear Sirs As requested by you we give you herewith excerps of the conditions relative to our acceptance credit granted to the Russo Asiatic Bank of Petrograd Against the guarantee of the Russo Asiatic Bank in which they obligate themselves to pay us upon maturity of the loan not later however than eighteen months from date of issue furthermore against the deposit of railroad four and onehalf per cent bonds guaranteed by the Russian Government to be carried on the basis of 82 the Roubles involved to be figured at market value from time to time we herewith agree to finance the aforesaid Institution to tlie extent of such money to be used for the purchase of cotton or other merchandise for which shipping documents are to be turned over to us we in turn to forward the same to the Russo Asiatic Bank in Petrograd It is furthermore understood and agreed that the Guaranty Trust Company of New York shall receive as remuneration for their services in accepting at 90 days sight for the Russo Asiatic Bank to the extent of every 90 days as acceptance fee and it is also agreed that a discount rate will be applied by the Guaranty Trust Company on their PO days acceptances which the Russo Asiatic Bank agrees to sell them these acceptances to be renewed from time to time per annum of as they mature until finally within 18 months from the date the transaction is begun it shall be liquidated on the part of the Russo Asiatic Bank by either their buying telegraphic transfers on New York or placing sufficient money at the disposal of the Guaranty Trust Company of New York in London to liquidate the entire transaction In connection with the aforesaid credit we desire to inform you that the initial acceptances were made under date of January 3d 1916 Trusting the foregoing information is what you desire we remain Yours truly Assistant Manager jb M 75 112 e3 4 17J 2 ent 3 t 4 77A e 0 e are FRENCH COMMERCIAL EXPORT ACCEPTANCE CREDIT AGREEMENT made this twenty first day of August one thousand nine hundred and fifteen between BROWN BROTHERS COMPANY of New York hereinafter called the American Managers and J P Morgan Company National Bank of Commerce in New York Guaranty Trust Company American Exchange National Bank Bank of New York N B A Bankers Trust Company Brown Brothers Company Central Trust Company Chase National Bank Columbia Trust Company Farmers Loan Trust Company Hanover National Bank Mechanics Metals National Bank New York Trust Company J W Seligman Company Bank of America all of New York The Franklin National Bank The Philadelphia National Bank of Philadelphia and the Merchants National Bank of Boston hereinafter called the American Syndicate the CREDIT LYONNAIS of Paris hereinafter called the French Managers and Messieurs de Rothschild Freres Credit Lyonnais Comptoir National d Escompte de Paris Heine Cie Hottinguer Cie Mallet Freres Cie de Neuflize Cie Mirabaud Cie Vernes Cie and Banque Suisse et Francaise all of Paris hereinafter called the French Syndicate WHEREAS French buyers of American merchandise and other commodities for export from the United States to Europe have found it difficult owing to the extraordinary conditions now prevailing to obtain satisfactory exchange to enable them to settle their accounts with the American merchants and WHEREAS the export of American merchandise and other commodities to Europe may be seriously curtailed unless adequate exchange facilities are provided and WHEREAS in order to provide additional exchange facilities for such French purchasers of American merchandise and other commodities the French Managers have formed said French Syndicate whose respective participations therein are more particularly enumerated in Schedule A hereto annexed and made a part of this contract and WHEREAS in order to facilitate payments to American merchants the American Managers have formed the said American Syndicate whose respective participations therein are more particularly enumerated in Schedule B hereto annexed and made part of this contract and WHEREAS it has been agreed that the American Syndicate through the American Managers shall open a Commercial Export Credit for account of the French Syndicate for the amount of twenty million dollars upon the terms hereinafter stated and WHEREAS each member of the American Syndicate severally and in proportion to its and their respective participations in the Commercial Export Credit has agreed to accept drafts drawn severally by the individual members of the French Syndicate in proportion to their respective participations in said credit and each said member of the American Syndicate has further agreed to guarantee discount of said drafts to the extent of its and their participation at an agreed rate of four and one half per cent 42 per annum and WHEREAS letters have been exchanged between the French Syndicate and the Bank of France constituting a guaranty of payment in gold if necessary on the part of the latter copies of which letters are hereto annexed marked Schedule C Now THEREFORE in consideration of the premises and of the mutual covenants and agreements herein contained it is agreed as follows FIRST The Commercial Export Credit hereinabove provided for to be designated as Commercial Export Credit A shall be for the aggregate amount of twenty million dollars for a period of approximately one year and shall be availed of by drafts to be drawn at ninety 90 days sight with three 3 renewals thereof for like periods by the several members of the French Syndicate upon the several members of the American Syndicate such drafts to be forwarded to the American Managers in eight 8 successive weekly installments of two and one half million dollars each The amounts of the drafts to be drawn by the members of the French Syndicate and the designation of the respective drawers and drawees shall be determined by the French Managers and a schedule of such drawings shall be forwarded to the American Managers Each member of the French Syndicate shall draw by one or several drafts in such amounts respectively as the French Managers shall determine upon the members of the American Syndicate severally to an aggregate amount in each installment in proportion to the participation of such members of the French Syndicate respectively in the total Commercial Export Credit as specified in Schedule A hereto annexed The amounts of the drafts in each installment upon the several members of the American Syndicate shall be in proportion to the participations of such members respectively as specified in Schedule B hereto annexed in the said total Commercial Export Credit All drafts so drawn shall be forwarded by the French Managers to the American Managers who shall in due course present the same for acceptance by the drawees therein named and said drafts shall be accepted by said drawees as hereinafter provided The first installment of said drafts shall be forwarded or delivered immediately after the execution hereof and the following installments shall be forwarded or delivered weekly in like manner SECOND Each member of the American Syndicate severally and in proportion to its or their respective participation in said Commercial Export Credit hereby agrees to and with each member of the French Syndicate severally and to and with each other party hereto to accept said drafts so drawn severally by the individual members of the French Syndicate in proportion to their said respective participations in said Credit forthwith upon ptesentation of such drafts as aforesaid and also each member of the American Syndicate severally to the extent of its or their participation covenants and guarantees with and to each other party hereto that the said several drafts so to be accepted shall be forthwith discounted in lawful money of the United States equivalent to gold coin of the United States of the present standard of weight and fineness at the agreed rate of four and onehalf per centum 472 per annum and that the proceeds of such discount shall be forthwith paid to the American Managers THIRD The American Managers will place the proceeds of such discounts to the credit of the Bank of France in a Special Account to be kept by the American Managers Such funds shall be paid out from time to time upon written or cabled order to be addressed to the American Managers by the Bank of France or by its designated agent or agents but only in payment for American merchandise and goods manufactured or not as well as all produce live stock and other commodities of whatsoever nature to be exported and upon presentation of shipping documents or contracts for shipments or other American evidences of exportation to be delivered to the American Managers at the time of payment and to be forwarded in due course by the American Managers to the Bank of France It is understood and agreed that the American Managers shall be obligated to make such payments only against cash in hand Therefore no cheques drafts or cabled orders shall be drawn against the proceeds of any such drafts discounted and field upon such Special Account until at least three 3 business days after the receipt by the American Managers from the French Managers of such drafts forwarded for acceptance and discount FOURTH Each member of the French Syndicate at least five 5 days prior to the maturity of each of the ninety day drafts originally drawn hereunder shall cause first renewal ninety day drafts draWn by the same drawers upon the same drawees and for amounts identical with those of the drafts so maturing to be delivered to the American Managers through the French Managers and the American Managers shall present the same in due course for acceptance to the drawees therein named Each member of the American Syndicate severally hereby agrees to and with each member of the French Syndicate severally and to and with each other party hereto to accept such first renewal drafts so drawn severally by the individual members of the French Syndicate forthwith upon presentation of such first renewal drafts as aforesaid and each member of the American Syndicate severally to the extent of its or their participation covenants and guarantees with and to each other party hereto that the said fiirst renewal drafts so to be accepted shall be forthwith discounted in lawful money of the United States equivalent to gold coin of the United States of the present standard of weight and fineness at the agreed rate of four and one half per centum 472 per annum and that the proceeds of such discount shall be forthwith paid to the American Managers and upon receiving the proceeds of such discount the American Managers shall apply the proceeds towards the payment of the maturing drafts Each member of the French Syndicate at least five days prior to the maturity of the first renewal drafts shall cause second renewal ninety day drafts drawn by the same drawers upon the same drawees and for the identical amounts so maturing to be likewise delivered to the American Managers and the American Managers shall present such renewal drafts for acceptance in like manner and each member of the American Syndicate severally to the extent of its or their participation agrees likewise to accept said second renewal drafts and covenants and guarantees with and to each other party hereto that the said several second renewal drafts so to be accepted shall be forthwith discounted in lawful money of the United States equivalent to gold coin of the United States of the present standard of weight and fineness at the agreed rate of four and one half per centum 42 per annum and that the proceeds of such discount shall be forthwith paid to the American Managers and the American Managers upon receiving the proceeds of such discount will apply the proceeds thereof to the payment of the said first renewal drafts Each member of the French Syndicate at least five days prior to the maturity of the second renewal cause third renewal ninety day drafts drawn by the same drawers upon the same drawees and drafts shall for the identical amounts so maturing to be likewise delivered to the American Managers and the American Managers shall present such renewal drafts for acceptance in like manner and each member of the American Syndicate severally to the extent of its or their participation agrees likewise to accept said third renewal drafts and covenants and guarantees with and to each other party hereto that the said third renewal dIrafts so to be accepted shall be forthwith discounted in lawful money of the United States equivalent to gold coin of the United States of the present standard of weight and fineness at the agreed rate of four and one half per centum 42 per annum and that the proceeds of such discount shall be forthwith paid to the American Managers and the American Managers upon receiving the proceeds of such discount will apply the proceeds thereof to the payment of the said second renewal drafts FIFTH It is further agreed that at the maturity of each third renewal draft each member of the French Syndicate shall respectively arrange that remittances through the Bank of France or otherwise shall be received by the American Managers at least five 5 days prior to the maturity of each third renewal draft drawn by it hereunder of the equivalent of each maturity Such remittances may be made by forwarding to the American Managers drafts or cheques upon responsible American drawees or by foreign exchange devices provided an agreement as to price thereof can be reached but all remittances so made shall be at the risk of the members of the French Syndicate respectively and without responsibility to the American Managers In case exchange shall not be available for remittance payment shall be made in New York to the American Managers for account of the American Syndicate of all maturing acceptances in gold coin of the United States or other bullion or gold coin equivalent in value to gold coin of the United States of America equal to the present standard of weight and fineness Sp It is mutually agreed between the American Managers and the American Syndicate and between said parties alone that each member of the American Syndicate is to have the option of withdrawing its or their acceptance on paying forthwith to the American Managers the proceeds of it at the agreed discount rate of four and one half per cent 42 per annum provided such member notifies the American Managers of his election to do so at the time of his acceptance of each draft The difference between the actual proceeds of discount of each installment of all the acceptances which are discounted through the American Managers and the face of such drafts less the agreed discount is to be immediately remitted by the American Managers or paid by those members of the American Syndicate to the American Managers whose acceptances are discounted through the American Managers and in proportion to their respective acceptances All drafts discounted by the American Managers will be at the best obtainable rates either at the Federal Reserve Bank or in the open market SEVENTH As security for the due performance of the covenanis of this agreement Bons de la Defense Nationale to the order of Brown Brothers Co American Managers in francs payable in Paris on or about fifteen months from the date hereof shall be deposited with the nominee of the American Managers in Paris for the account and subject to the instructions of the American Managers to an amount equal to the face of this Credit the equivalent being ascertained by conversion of francs into dollars at the rate of five francs ninety centimes Fcs 5 90 per dollar Such deposit shall be made from time to time in installments at or before the forwarding of the drafts by the French Managers to the American Managers and in amounts at least equal at said rate of exchange of five francs ninety centimes Fcs 5 90 per dollar to the amount of the drafts so drawn Upon full payment of all acceptances given under this contract all said bonds save such as shall have been otherwise lawfully disposed of under this agreement shall be returned to the French Managers In case of the default by any member of the French Syndicate in the execution of any of the clauses of this contract the American Managers shall have power of rehypothecation or sale of such and so many of the said Bons de la Defense Nationale as shall be approximately necessary to make good such default applying the net proceeds of any such sale or re hypothecation to the payment of any acceptance then due and upon final settlement hereunder accounting to the French Managers for any surplus so arising provided that no sale of any of said Bons de la Defense Nationale shall be made either by the American Managers or under or by reason of any rehypothecation of said bonds except at public sale in the cities of Paris London or New York and upon ten days previous notice to the French Managers such period of ten days to begin upon deposit of notice with a cable company in New York for transmission by them to the French Managers and by delivery of said notice addressed to the French Managers at the office of any person in the City of New York previously designated by the French Managers to receive the same and in any case of notice of sale fof default as aforesaid or under any rehypothecation the French Managers or any member of the French Syndicate shall have the right to pay the indebtedness for which any of the said bonds are rehypothecated or to make good such default and redeem such bonds at any time before such sale The American Managers or any members of the American Syndicate may become the purchaser or purchasers of such Bons de la Defense Nationale or any part thereof at any such sale And provided further that if any case of default under Article Fifth hereof shall be due to the nonarrival Jor any cause in New York of drafts remittances gold or bullion which have been seasonably for warded by the French Managers for transmission in the ordinary course to the American Managers and notice of the forwarding of which shall have been given by the French Managers by cable or otherwise then no action for the sale of any of said bonds shall be taken until the expiration of twenty days from such default except that ten days notice of sale expiring on or after the termination of said period of twenty days may be given by the American Managers to the French Managers in the manner above provided If any member or members of the American Syndicate shall default in the performance of any act which by the terms of this agreement it or they are required to do then in addition to any other remedies which the French Syndicate oz any of them or the French Managers may have on account of such default and if the drawer of the draft on which such default shall occur shall take up the same the American Managers shall forthwith upon request of the French Managers return to the French Managers so many of the Bons de la Defense Nationale then in their hands as shall bear the same proportion to the total amount then held by the American Managers which the draft so taken up bears to the total amount of the acceptances then outstanding EIGHTH Each member of the French Syndicate will severally remit through the French Managers to the American Managers with all its original ninety 90 day drafts drawn hereunder an acceptance commission amounting to one fourth of one per cent 1 of the face of such drafts and a like commission on each renewal draft as well as the agreed discount at the rate of four and one half per cent 472 per annum on such renewal drafts for payment by the American Managers to the member of the American Syndicate to whom the same may be payable by the member of the French Syndicate remitting the same NINTH The French Managers and the members of the French Syndicate hereby expressly waive the benefit of any moratorium or law of the Republic of France postponing or affecting in any way the obligation of the members of the French SyndiLte to provide at maturity for the full payment of each and every acceptance drawn hereunder in accordance with the terms of this agreement TENTH It is expressly understood and agreed that all liabilities of and undertakings by the Parties to this agreement are several and not joint and that the several members of the American Syndicate and of the French Syndicate respectively shall none of them be answerable for any obligation act or default of any other member of said Syndicate nor except for its or their own obligation act or default and nothing herein contained shall be construed as constituting a partnership between the members of said Syndicates respectively and it is expressly declared that the French Managers and the American Managers shall not be answerable or responsible to any member of their respective Syndicates for or on account of any act or omission of any agent or employee selected in good faith nor for any errOr of judgment or mistake of law nor in any case except for its or their own individual wilful malfeasance or neglect ELEVENTH It is understood and agreed that the French Syndicate shall by a contract executed contemporaneously with these presents provide for payment to the American Managers of the compensation for their services and that the American Managers shall and will assume and discharge all legal and other expenses of themselves and of the American Syndicate arising under this contract TWELFTH This agreement may be executed severally by any of the parties in as many counterparts as desired each of which so executed shall be deemed to be an original and such counterparts although separately signed shall together constitute but one and the same instrument IN WITNESS WHEREOF the copartnership parties hereto have signed these presents and the corporate parties hereto have caused these presents to be signed by their respective officers thereunto duly authorized the day and year first above written BROWN BROTHERS CO American Managers CREDIT LYONNAIS French Managers SCHEDULE A NAMES AND PARTICIPATIONS OF FRENCH SYNDICATE Participation Name M M de Rothschild Freres Credit Lyonnais Comptoir National d Escompte de Paris Heine Cie Hottinguer Cie Mallet Freres Cie de Neuflize Cie Mirabaud Cie Vernes Cie Banque Suisse et Francaise SCHEDULE B NAMES AND PARTICIPATIONS OF AMERICAN SYNDICATE Name J P Morgan Company New York National Bank of Commerce in New York New York Guaranty Trust Company New York American Exchange National Bank New York Bank of New York N B A New York Bankers Trust Company New York Brown Brothers Company New York Central Trust Company New York Chase National Bank New York Columbia Trust Company New York Farmers Loan Trust Company New York Hanover National Bank New York Mechanics Metals National Bank New York New York Trust Company New York J W Seligman Company New York Bank of America New York Franklin National Bank Philadelphia Philadelphia National Bank Philadelphia Merchants National Bank Boston Participation a SCHEDULE C GUARANTY OF BANK OF FRANCE Text of letter addressed by the Bank of France to the French Syndicate Managers LA DIRECTION GENERALE DU CREDIT LYONNAIS PARIS rai l honneur de vous accuser reception de votre lettre du 17 aoirt ainsi concue Nous avons ete mis au courant des negociations que vous avez poursuivies aux tats Unis en vue d une ouverture de credit ayant pour but d assurer des facilites de change aux acheteurs francais de marchandises et produits americains Nous acceptons avec empressement le role que vous nous avez reserve clans cette operation et nous mettons gracieusement notre concours a la disposition de la Banque de France pour la realisation du contrat ci joint prepare sous son controle et pour son compte Ii est entendu que la Banque de France assurera le reglement par les moyens de change ou a defaut par des remises d or assumera tous les risques de l operation J ai l honneur de vous confirmer rjotre plein accord sur le contenu de cette lettre Veuillez agreer etc G PALLAIN Gouverneur 7 lakkk I have the honor of acknowledging receipt of your letter of August 17th worded as follows Tie have been advised of the negotiations which you have prosecuted in the United States looking to the opening of credit having for ebjeest the as urance of facilities of exchange for French purchaseiT of merchandise and American products We accept gladly the role which you have assigned to us in this operation and cheerfully put our services at the disposi tion of the Bank of France for the realization of the contract here with attached prepared under its direction and for its account It is understood that the Bank of France will assure settlements through the medium of exchange or in ease of default by remittances of gold will assume all the risks of the operation I have the honor of confirming to you our full accord with the contents of this letter Please accept etc VOM AGREEMENT COMMERCIAL EXPORT CREDIT A Dated New York U S A and Paris France August BROWN BROTHERS CO New York American Managers CREDIT LYONNAIS French Managers Paris 464 Iv 2 riTh it da NEW YORK CHAPTER INC AMERICAN INSTITUTE OF BANKING SECTION AMERICAN BANKERS ASSOCIATION JACOB C KLINCK PRESIDENT WITH METROPOLITAN TRUST COMPANY WILLIAM G F PRICE 1ST VICE PRESIDENT LOUIS H OHLROGGE TREASURER WITH THE NATIONAL PARK BANK 15 WEST 37 STREET TELEPHONE FITZROY 1544 H THE NATIONAL CITY DANK 15 WEST 37 STREET NEW YORK CHARLES H SCHOCH 2N0 VICE PREsIDENT WITH IRVING BANKCOLUmS TRUST COMPANY 1 MARTIN TELLEEN SECRETARY G REGINALD CROSBY ASSISTANT SECRETARy EDWIN C ESTER CHIEF CONSUL WITH THE selLTwoilKicrinEDTUTION ACKNA 120 Broadway New York City F1 1994 rit January Hon Benjamin Strong Federal Reserve Bank 120 Broadway New York City Dear Mr Strong On February 16th 1924 at 7 P M precisely New York Chapter of the American Institute of Banking will hold their Annual Banquet in the Grand Ballroom of the On behalf of New Yo4k Chapter may I ask you Hotel Astor to honor us as one of our guests The speakers will be Mr Charles E Mitchell President of the National City Bank Mr Alfred C Bedford Chairman of the Standard Oil Company of New Jersey and Hon Harold B Welles Judge of the Burlington County Court I trust that you will let me bear from you and that you will be able to attend With personal regards Very sincerely ILP President Feb r Beyer Please send word to Mr Klinck thet Mr Strong will be glad to accept invitation to attend A I B dinner Mc February t Dear r Klinck Mr Strong has directed me to send you word that he accepts with pleasure your Cordial invitation to attend the Annual Banquet of the New York Chapter of the American Institute of Banking to be held Ft the Hotel Astor on Februcry 16th at 7 p m Yours very truly Secretary to Mr Benj Strong Mr Jacob C Klinck c o 4 1 4erican institute of 15 Zeit Vrtt St 14r6i York City NEW YORK CHAPTER INC AMERICAN INSTITUTE OF BANKING SECTION AMERICAN BANKERS ASSOCIATION JACOB C KLINCK PRESIDENT WILLIAM G F PRICE 1ST VICE PRESIDENT J MARTIN TELLEEN SECRETARY TEMEPTIONE F ITZROY 1544 THE NATIONAL CITY BANK CHARLES H SCHOCH 2ND VICE PRESIDENT WITH IRVING 9ANKCOLUMBIA TRUST COMPANY LOUIS H OFILSOGGE TREASURER WITH THE NATIONAL PARK BANK 15 WEST 37 STREET WITH METROPOLITAN TRUST COMPANY NEW 15 WEST 37 STREET YOIAICkNOVVIEnagri FEB I 1 CROSBY ASSISTANT SECRETARY STES CHIEF CONSUL EDW I WITH THE SOUTH BROOKLYN SAVINGS INSTITUTION 1q94 f4 4 February Hon Benjamin Strong Governor Federal ieserve Bank of New York 120 Broadway New York City Dear Mr Strong This is to remind you of the Annual Banquet of New York Chapter of the American Institute of Banking to be held at the Hotel Astor Grand Ballroom Saturday evening February ltth 1 924 at seven precisely There will be a room set aside for our guests of honor that will be plainly designated as you enter the Reception Hall Appreciating very much your kindly cooperation in helping to make this function a success I am President February My dear Mr Alinck This is to thank you for your letter of February 8 reminding Mr Strong of the Annual Banquet of the New York Chapter of the American Institute of Banking to be held thie Saturday evening February le at the Hotel Astor For your information I desire to say that Mr Strong has been in Washington all cf Let week and will likely remain there the greater part of this week I hive every reason to believe that he will be back in time for the Banquet but in case there should be any doubt of his being present I will communicate with you again Yours very truly Secretary to Mr Benj Strong Mr Jacob C Klinck c o American Institute of Banking 15 West 37th St New York N Y NEW YORK CHAPTER INC AMERICAN INSTITUTE OF BANKING SECTION I NIFLIRICA N BANKERS ASSOCIATION JACOB C KLINCK PRESIDENT WITH METROPOLITAN TRUST COMPANY 15 WEST 37 STREET WILLIAM G F PRICE 1ST VICE PRESIDENT I THE NATIONAL CITY BANK TELE PRONE FITZROY 1544 NEW YORK CHARLES H SCHOCH 2ND VICEPRESIDENT WITH ROBERTS ANDREWS AND COMPANY LOUIS H OHLROGGE TREASURER WITH THE NATIONAL PARK BANK J MARTIN TELLEEN SECRETARY 15 WEST 37 STREET G REGINALD CROSBY ASSISTANT SECRETARY EDWIN C ESTES CHIEF CONSUL WITH THE SOUTH BROOKLYN SAVINGS INSTITUTION 120 Broadway New York City ACK NQWLEDOED FEB 2 I 1924 s February 20th 1924 Hon Benjamin Strong Governor Federal Reserve Bank of New York 120 Broadway New York City Dear Mx Strong Permit me to thank you for your cooperation in making the Twenty third Annual Banquet of New York Chapter of the American Institute of Banking a success for I appreciate very much this personal consideration on your part The Chapter is doing a very fine work and it means mudhto have you give it your public endorsement With personal regards Very sincerely yours ei Govi 1114s FEB 21h24 tr 43 February Dear r Klinck Thank you for your note of the 20th I was glad to attend the Banquet and am indeed much interested in the work of the Chapter and congratulate you and your associates upon the enthusiften which is so obvious among the membership I thought the meeting was fine Yours sincerely Mr Jacob C Klinck C C Amen i gan J AMItute 15 West 37thSt New York City BS MM October 22 192S My dear Alvin I have juat returned from Wahhington with Lr Schacht and hbve gone over the vbrious invitations which he Sa8 received Unfortunately it develope thcA he most be out of town on the ath and 29th and poesibly the 60th ao arrangements for the luncheon will have to be pomtponed until we know moie definitely on hat d4ye he ill be in New York I um sorry not to be able to send you a more satiaftctory ord Oincerely youre Krech Liuithie Trust Company V Wall Street Mew iort 136 LS Noliestor ly deer have just head E word with rr bchacht in regard to the poseibility of finding an evening before he seils but it reslly accme impostAble P nd he is very sorry indeed to eay this az he had looked fori ard to the rospect of having a quiet evening with you family Tati your The difficulty erises from the necessity rather unexpected of mekine two trips to Washington tnd one to Chicago which took so much of hic time Lincereli yours Alvin X Krech Esq Equitable Trust Company Nclw York City 8 3 LS NEW YORK CHAPTER INC AMERICAN INSTITUTE OF BANKING SECTION AMERICAN BANKERS ASSOCIATION SON M McKERNAN PRESIDENT u TH THE AMERICAN EXCHANGE IRVING TRUST COMPANY WALTER MONSEES 1ST VICE PRESIDENT WITH THE FARMERS LOAN AND TRUST COMPANY GRAY BAR BUILDING 420 LEXINGTON AVENUE CLIFFORD L LUNDGREN 2ND VICE PRESIDENT TELEPHONE LEXINGTON 8810 NEW YORK WITH THE CHASE NATIONAL BANK PAvSON G GATES TREASURER WITH BANKERS TRUST COMPANY J MARTIN TELLEEN SECRET ARV ALFRED E HENDERSON ASSISTANT SECRET MORTIMORE F HILL CHIEF CONSUL WITH THE EQUITABLE TRUST COMPANY sy November Mr Benjamin Strong Federal Reserve Bank 33 Liberty Street New York City Dear Mr Strong We appreciate your remittance of 10 to cover sustaining membership dues to November 1928 With our enclosed receipt 116 I offer our acknowledgment both of your material assistance and your interest Yours sincerely President NMM B NEW YORK CHAPTER INC AMERICAN INSTITUTE OF BANKING No VT7 1 NEW YORK RE COMD FROM DOLLARS IN PAYMENT YEAR OF DUES AS A SUSTAINING MEMBER FOR THE 0 JOHN V THAYER VICE PRESIDENT J Y G WA LK ER VIDE PRES DENT HENRY M POPHAM VICE PRESIOENT EDWIN G MERRILL PRESIDENT W Mc MASTER MILLS VICE PRES PLAZA BRANCH HENRY M MYRICK SECRETARY CARROLL C RAVVLI NGS vicE PREs TRusr OFFICER BENJAMIN A MORTON ASS TRUST OFFICER T W HARTSHORNE Ass SECRETARY C W PARSON Ass T SEel FIFTH AVE BRANCH Onion Pul5t 0 Tim 11rh nip an 80 BROADWAY ALL COKNIUNICAT ONS SHOULD BE ADDRESSED TO UNION TRUST COMPANY OF NEW YORK P 0 BOX 1015 N E W YORK CABLE AooREss UNITRUST Feb ruary Benjamin Strong Jr Esq President Bankers Trust Company New York City FE Dear Mr Strong I beg to hand you herewith copies of two letters which I have sent to Mr an Antwerp concerning the matters about which you have kwritten me Very truly yours 0 JOHN V B THAYER VI PJY G WALKER CARROLL C RAWLINGS vicE PRes TRUST OFFICER BENJAMIN A MORTON As TRUST OFFICER T W HARTSHORNE ASS SECRETARY EDWIN G MERRILL PRESIDENT VICE PRESIDENT HENRY M POPHAM VICE PRESIDENT HENRY M MYRICK SECRETARY W Mc MASTER MILLS YicE PRES PLAZA BRANCH C W PARSON Ass SEdY FIFTH AVE BRANCH Onion 7twvt Tompanv 80 BROADWAY ALL COMMUNICATIONS SHOULD BE ADDRESSED TO UNION TRUST COMPANY OF NEW YORK P O BOX 1015 N Ew CAdLE ADDRESS UNITRUST Yo R February T T Van Antwerp Esq Vice President Union Trust Company Albany N Y Dear Mr Van Antwerp I have your letter of the 2nd and note contents noted the contents of Mr difficult to handle Colvin s letter which may perhaps May I ask you I have also be a little to send me a list of the present mem bers of the Executive Committee of the Trust Companies Association and also a list of those appointed by Mr Bannard to the Legislative Committee I think it would probably be wise to have a meeting of this Legislative Committee very shortly to decide the attitude of the Association on some of these questions while there is yet time to present the matter to the Van Tuyl Commission day of next week Could you arrange a I expect to go meeting here in New York say on Mon to the Adirondacks on Wednesday the 11th to be gone until the following week Awaiting your advices in the matter I um Very truly yours President Trust Companies Association JOHN V B THAYER VIcE PREsioE J Y G WA LK E VICE PRESIOENT HENRY M POPHAM VICE PRESIOENT W Ric MASTER MILLS VicE PRE PLAZA BRANCH CARROLL C RAWLI NGS V10E PRES ThrusT OFFICER EDWIN G MERRILL PRESIDENT HENRY M MYRICK SECRETARY BENJAMIN A MORTON As TRUST OFFICER T W HARTS HORNE As SECRETARY C W PARSON Ass SEC FIFTH AVE BRANCH lnitm rut5t Comp aitt of Arm cti ork 80 BROADWAY ALL COMMUNICATIONS SHOULD BE ADDRESSED TO UNION TRUST COMPANY OF NEW YORK P O BOX 1015 NEW Yo R K JarIllary CABLE ADDRESS UNITRUST T I Van Antwerp Esq Vice President Union Trust Company Albany N Y Dear Mr Van Antwerp I have your favor of the 30th and thank you for the information in regard to the bill just introduced in the Senate tunity to talk with any seers to me that I have not had an oppor other Trust Company people about to have it would be a pity matter but it the The this bill pass amount of preferred deposits that are carried by any larger the Company the less attrac tive is their statement to individuals and the passage of this bill would in my opinion tend to make municipalities even more careless than at present in selecting their banks of deposit The illuminating list published about the time of the failure of the Carnegie Trust Company showing the amounts the City of New York had various institutions brought about in a considerable revulsion of feeling the on the part of the City authorities in favor of keeping their money in carefully handled banks and trust companies but I strongly believe that a law of this kind would tend to bring back the old conditions I would be very glad if you would find out from the the Executive Committee of the Trust Companies Association agree with me in think the this other members of whether or not they matter and if there is no marked difference of opinion influence of the Association should be used against the Very truly yours bill C JOHN V B THAYER VICE PRESIDENT J Y G WA LK ER VICE PRESIDENT HENRY M POPHAM VICE PRESIDENT EDWIN G MERRILL PRESIDENT W Mc MASTER MILLS VICE PRES PLAZA BRANCH HENRY M MYRICK SECRETARY CARROLL C RAWLI NGS v1ce PREs 8 Tiausr OFFICER BENJAMIN A MORTON Ass T TRUST OrncER T VV HARTSHORNE ASST SECRETARY C W PARSON ASS SEC FIFTH AVE BRANCH rTh Onion rut Tompankl ate Tirin 71 mit 80 BROADWAY ALL COMMUNICATIONS SHOULD BE ADDRESSED TO UNION TRUST COMPANY Or NEW YORK P 0 BOX 1015 NEW YOR K February CAa1 E ADDRESS UNITRUST Benjamin Strong Jr Esq President FEd Bankers Trust Company New York City Dear Mr Strong I beg to hand you herewith copy of a letter received yesterday from Mr Van Antwerp stating that he could not be down on Monday next together with my gewer thereto If you think it advisable however to have a meet ing next Monday forenoon I will wire Mr Colvin and see if he can come down Dow Jones sheets said yesterday that the last meeting of the Van Tuyl Commission will be held on February 11th I enclose herewith also a letter received this morning with correspondence from Mr Colvin reading them and let MR rin you kindly return these to me after know what you think we had better do about them Very truly yours President Trust Companies Association Orugt Tuntpattirg Aggoriation of Or tatr uf Nrio Vork PRESIDENT EXECUTIVE COMMITTEE IN G MERRILL PRESIDENT UNION TRUST CO OF NEW YORK CHARLES A BOO DY PRESIDENT PEOPLES TRUST CO BROOKLYN N Y ADDISON B COLVIN PRESIDENT GLENS FALLS TRUST CO GLENS FALLS N V VICE PRESIDENTS WILLARD V KING PRESIDENT COLUMBIA KNICKERBOCKER TRUST CO NEW YORK E 0 MCNAIR PRESIDENT COMMONWEALTH TRUST CO BROOKLYN N V WM NOTTINGHAM VICE PREsIDENT SYRACUSE TRUST CO SYRACUSE N V A W LOAS BY PRESIDENT TRUST MO DEPOSIT CO OF ONONDAGA SYRACUSE N Y LEWIS P ROSS PRESIDENT FIDELITY TRUST CO ROCHESTER N Y E P MAYNARD PRESIDENT BROOKLYN TRUST CO BROOKLYN N Y CHAS H SABIN VICE PRESIDENT GuARANTy TRUST CO NEW YORK TREASURER MYNDERSE VAN CLEEF PRESIDENT ITHACA TRUST CO ITHACA N V B STRONG JR CE PRES DENT BANKERS TRUST Co NEW YORK CLINTON L ROSSITER P RESIDENT BROOKLYN TRUST CU BROOKLYN N V VICE M N BUCK N ER VICE pRESIDENT NEW YORK TRUST CO NEW YORK SECRETARY EX OFFICIO T I VAN ANTWERP VICE PREERDENT THE UNION TRUST Co OF ALBANY N Y GRANGE SAND PRESIDENT THE UNION TRASH CO OF ALBANY N Y New York February 101 Ai Av FEB E ERRED TO bFFice Benjamin Strong Jr Esq President Bankers Trus7 Company New York City Dear Mr Strong For your files I beg to hand you herewith copy of letter which I sent to the Secretary of the Committee for the Revision of the Banking Law and which I sent aver to you to read yesterday v Very truly yours President New York February E F Roreheck 7sq Secretary Commission to Revise the Bankina Law New York City Dear Sir The Legislative Committee of the Trust Companies Association held a meetine yesterday and carefully considered the draft of the proposed new Banking Law Commission has made many improvements They feel that the and they have few criticisms to offer There in the existing law are a number of minor matters which will undoubtedly be corrected before the law is put in its final form derstand these have already been brought to your attention two matters which seem to the and we un But there are one or Committee very vital and should be changed The most impoetant of these is on page 167 paragraph 194 relating to Trost Companies and on page 89 paragraph 109 relating to State Banks It seems to the Committee that the clause which has been inserted as to the amortization of securities would whether in prevent a Treat Company revaluing the case of u long continued or in case of a considerable since the end of 1913 its securities for any purpose drop such as occurred in the past year appreeiation in secutities such as has occurred In a year like 1913 it would make it necessary for banks to publish false statements of their surpluses and false statements of their fi nancial condition as in no case iu an amortization value necessarily kliluidal tion value It seuld necessitete the keeping of an additionnl set of books by every Trust Company that would be of no use of any kind to any well manared institution except to furnish an interesting set of statisVcs It seemed he Committee that this Section oueht to be ettirely o relrafted so es not to bring about a very unfortunate condition of affairs So far as those sections are concerned which of officers directors Paragraph and employes borrowing money relate to the restrictions froe their own institutions 222 is contradictory to Section 8 of paragraph 190 and the ler in re jeese paraeraphs is not eonsistent with that of the State banks assume that this was due to an oversight Those sections of the law relating to the publication of the Trust Companies statements ought to be so amended au to allow publication of a aura mary of the statement filed with the Banking Department has recently held that The Attorney General the entire affidavit of both officer al signing the state Tilent nuet be published in dAs most detailed form under the presett law and it was figured a short time afo that the publication of this utterly unnecessary affidavit was costine the Trust Companies in New York City alone at leaet 500 a year There is certainly no reason why any more unnecessary should be published on behalf of the Trust Companies than on National behalf of the banks seems to us time details unfortunate that the in general definition on page 8 depositseshould not in some way be defined so as not to require the eortificates for thirty days be Trust Companies to hold reserve against time fore their maturity Te do not understand that the Federal Reserve Bill has any sech limitations on the deposits of hational banks althoueh they apparently reedre a reserve of 5 against time depoeits elk the time It seers to the Coremittee also that a clearer definition ogrht to be made of these timedeposits so as to allow the inclusion by Trust Companies of the deposits of payment of which is entirely within their own control trust funds The Committee hopes that attention will he given to these Natters before the bill is put into final shape for the Legislature Very truly yours President 0 rast 1hiuqiautri Aaortriation of Or ftitr vi Nritt tint ft PRESIDENT Er PI G MERRILL EXECUTIVE COMMITTEE CHARLES A BOO DY PRESIDENT UNION TRUST CO OF NEW YORK E 0 McNAIR PRESIDENT COMMONWEALTH TRUST CO BROOKLYN N Y LEWIS P ROSS PRESIDENT FIDELITY TRUST CO ROCHESTER N Y CHAS H SA BIN VICE PRESIDENT GUARANTY TRUST CO NEW YORK PRESIDENT BROOKLYN TRUST CO BROOKLYN N Y MYNDERSE VAN CLEEF PRESIDENT ITHACA TRUST CO ITHACA N Y B STRONG JR VICE PRESIDENT BANKERS TRUST CO NEW YORK M N BUCKNER VICE PRESIDENT NEW YORK TRUST CO NEW YORK TREASURER CLINTON L ROSSITER PRESIDENT GLENS FALLS TRUST CO GLENS FALLS N Y WILLARD V KING PRESIDENT COLUMBIA KNICKEREIOCKER TRUST CO NEW YORK WM NOTTINGHAM VICE PRESIDENT SYRACUSE TRUST CO SYRACUSE N Y A W LOAS BY PRESIDENT TRUST AND DEPOSIT CO OF ONONDAGA SYRACUSE N Y E P MAYNARD PRESIDENT PEOPLES TRUST CO BROOKLYN N Y ADDISON B COLVIN VICE PRESIDENTS VICE PRESIDENT BROOKLYN TRUST CO BROOKLYN N Y SEcRETARY EX OFFICIO T I VAN ANTWERP VICE PRESIDENT THE UNION TRUST CO OF ALBANY N Y GRANGE SAND PRESIDENT THE UNION TRUST CO OF ALRANy N Y New York parch 9th 1914 Benjamin Strong Jr req president Bankers Trusi Company cE V New York City Dear Mr tilAR 1 n REFERt1i 0 CO Strong I beg to to Mr Van hand you Antwerp to be man of each of the e OFFICE herewith copy of a letter which I have sent presented at Committees in the hearing to morrow to the Chair connection with the new Banking Law Trusting that this form of letter will have your approval I am Very truly yours President YORK March 9th 1914 Chairman Assembly Coemittee on Banks Albany N Y Dear Sir On behalf of the Trust Companies Aesociation of the State of New York I beg to commend to your favorable attention the new Ranking Law which is now before your Committee and on which a hearing is to be given to morrow A special committee of the Trust Companies Association has kept as tcloeely as possible in touch with the Committee appointed to revise the Banking Law and has followed the progress of this bill This Committee is satisfied that with the exception of some minor details the bill is an excellent one and that if it is passed in its present form it will be a great improvement over the present law So far as that portion relating to Trust Companies is concerned there is one minor correction which I would like to urge and which would save the Trust Companies of this state a usehess expenditure of many thousands of dollars a year In Article 218 relating to reports to the Superintendent line 21 on papa 196 of the Assembly Bill the words a summary of should be added at the beginning df the sentence so that it shall read A summary of every such report shall within thirty days after it shall have been filed with the Superintendent be published by the trust company c This would eive tlqe Superintendent of Banks power to authorize the Trust Companies to omit the publication of the detailed affidavits which are of no use to anyone which posu r I understand the Attorney Ceneral has decioed the Superintendent does not possess at present The enclosed statement from this morning s New York Times published by the Union Trust Company as required by the Ranking Department and that of the Unl ted St tee Trust Company published apparently as an advertisement show very clearly the point raised Regretting that my enreeements make it impossible for me to appear on behalf of the bill as a whole and trueting that it will have your favorable consideration I am before your Committee to speak Very truly yours See sheet attached President Ora9t Tinit4nutit5 Aasoriation of Or tatr ui Nrtu tiork PRESIDENT IL EXECUTIVE COMMITTEE IN G MERRILL PRESIDENT UNION TRUST CO OF NEW YORK CHARLES A BOODY PRESIDENT PEOPLES TRUST CO BROOKLYN N Y ADDISON B COLVIN PRESIDENT GLENS FALLS TRUST CO GLENS FALLS N Y VICE PRESIDENTS WILLARD V KING PRESIDENT COLUMBIA KNICKERBOCKER TRUST CO NEW YORK E 0 McNAIR PRESIDENT COMMONWEALTH TRUST CO BROOKLYN N Y M NOTTINGHAM VICE PRESIDENT SYRACUSE TRUST CO SYRACUSE N Y A W LOASBY PRESIDENT TRUST AND DEPOSIT CO OF ONONDAGA SYRACUSE N Y LEW IS P ROSS PRESIDENT FIDELITY TRUST CO ROCHESTER N Y E P MAYNARD PRESIDENT BROOKLYN TRUST CO BROOKLYN N Y CHAS H SA BIN VICE PRESIDENT GUARANTY TRUST CO NEW YORK TREASURER MYNDERSE VAN cLEEF PRESIDENTITHACA TRUST CO ITRACK N Y B STRONG J H VICE PRESIDE BANKERS TRUST CO NEW YORK CLINTON L ROSSITER VICE PRESIDENT BROOKLYN TRUST co BROOKLYN N Y M N BUCKNER VICE PRESIDENT NEW YORK TRUST CO NEW YORK SECRETARY 7tIVE E F pwro T I VAN A NTWERP VICE PRESIDENT THE UNION TRUST CO OF ALBANY N Y GRANGE SA RD PRESIDENT THE ligio N TROUT co or ALBANY N Y NW YORK March CHE 1 470 Benjamin Strong Jr Esq President NW REFERRED ro Bankers Trust Company 14 Wall Street OFFICE New York City Dear Mr Strong I have received this morning a letter from Mr Van Tuyl and I understand he is sending a copy of it to all the members of the Legis lative Committee I think it will be wise to have a meeting of the Committee as early as possible and 1 have arranged a meeting for Monday afternoon March Ifth at three o clock at the office of the Union rust Company 80 Broadway which time I understand will be satisfactory to you Very truly yours g President i ti 1 4L ff t4t1 JOHN W PLATTEN CALVERT B HEWER CAR I O 1tASMUS trykwr PnEsVicEPREsinrxr VICE PRESIDENT VICE PRESIDENT JOSEPH ADAMS TREASURER ALEXANDER PHILLIPS SECRETARY HEN1IY4X SE RVO S ASST TREASURER T W B ir L An LE TON ASST SECRETARY VICTOR EFIRL IC HER ASST SECRETARY ASST TREASURER HARRY W HAD L EY CHAUNCEY FL MURPHEY ASST TREASURER ASST SECRETARY WILLIAM V LAW FRANK J PAR S ON S UffOIN S q 2 HOI1E10 MTEg COEpEin7 Ude Th ik7 KGCT VOTE ti G Q0 July My dear Sir In order to contribute somewhat toward a more general understanding of the present attitude throughout the country in respect to the Currency legislation now pending before Congress this Company has obtained the consensus of opinion upon this subject in their several localities from its BANKING CORRESPONDENTS ATTORNEYS and BUSINESS REPRESENTATIVES in forty two cities located in twenty States in which its mortgage investments are made While the ter ritory covered does not include New England and the Eastern States north of Virginia nor the larger money centers such as Chicago and St Louis it embraces a sufficient area of widely separated sections of the entire country to furnish the basis for a comprehensive survey Analyzing in a general way the expressions of opinion received twenty two cities are recorded as favoring the main features of the proposed legislation ten are op posed and there are ten cities in which public sentiment is somewhat divided A sub division of the views summarized territorially indicates the following attitude with respect to the proposed bill SOUTH Generally regarded with favor PACIFIC NORTHWEST Quite evenly divided but slightly favoring the bill INTER MOUNTAIN Sentiment generally opposed NORTH CENTRAL MIDDLE WEST Opinion divided but apparently unfavorable in the main to legislation as at present outlined Probably the most striking points brought out are the full realization of the need of dome form of Currency legislation and the almost unanimous recognition of the adverse effect of the existing uncertainty Objections and anxieties which appear in the public mind with respect to the bill may be briefly stated as follows Inadequacy of banking representation upon the Federal and District Boards General fear of political control as a result of the proposed appointive arrangement Scattering rather than concentration of reserve funds through the operation of the regional system Anticipated curtailment of credits with its consequent effect upon earnings in the case of individual banks 3 Objection from the Inter Mountain region to the issuance of Currency against asset obligations CY Anxiety as to possible forced denationalization of Institutions now under Federal control On the whole it is evident from the expressions of opinion received that there exists a marked tendency to await further modifications of the proposed legislation the general feeling being one of hope that the measure when finally enacted will prove acceptable to the country at large Very truly yours Benjamin Strong Jr Esq Bankers Trust Company New York City UI UNITED STATES TRUST COMPANY 45 Wall Street New York January My dear Mr Jay I greatly enjoyed my luncheon with you and Mr Case last Friday and the view which you gave me of your great building and of the wonderful work there transacted Your reserve bank has accomplished so much for the country and world in the ten years of its existence that it is an added gratification to find the staff installed in so commodious admirably arranged and impressive a home With warmest wishes for the cdntinued and constantly increasing success of your work believe me Yours sincerely Signed Edward W Sheldon President Pierre Jay Esq Director Federal Reserve Bank of New York 33 Liberty Street New York City 4 L C S e7 NEW YORK CHAPTER INC AMERICAN INSTITUTE OF BANKING SECTION AMERICAN BANKERS ASSOCIATION FRANK M TOTTON PRESIDENT WITH FIDELITYINTERNATIONAL TRUST COMPANY E 1 15 WEST 37 STREET WITH NATIONAL PARK BANK TELEPHONE FITZROY 11544 WE 1ST VICE PRESIDENT WM CHASE NATIONAL BANK J M TELLEEN SECRETARY 15 WEST 37TH STREET NEW YORK WILLIAM G F PRICE 2ND VICEPRESIDENT WITH THE NATIONAL CITY BANK L H OHLROGGE TREASURER N M McKERNAN CHIEF CONSUL WITH IRVING NATIONAL BANK June Ninth 1922 ACkNOWLEDGED JUN Governor Benjamin Strong Federal Reserve Bank New York Dear Governor Strong Permit me to tell you how much I appreciated your presence at the CommenceIt was indeed an honor for ment last evening us to have you on the platform and I am sure the graduates of the Federal Reserve Bank will never forget your kindness in perspnally congratulating them as you did Thanking you heartily for your manifest interest in our work and bespeaking your continued support I am with kind regards Cordially yours FMT AM rssidLt 1 ief git CHYL 117 1V LAC 171ES 71 N P June Dear Mr Totton It was very nice of you to ask me to attend the Commencement exercises of the Nev York Chapter of the American institute uf banking and I apreciate your note of the 9th which has just reached It is hcvever a fact that I gained a great deal more pleasure attending the meeting than you may realize and I only Nish that a multitude of engagements and a variety of oalls that take me out of town did not se feecuent ly make it impossible for me to take a greater interest in matters of this kind I congratulate you all most heartily upon Chapter lith personal regards believe me iery truly yours Freink M Tottcn EE 1 c o Fidelity International Trust Co Nal York City FIS MM the work of the New York NEW YORK CHAPTER INC AMERICAN INSTITUTE OF BANKING SECTION AMERICAN BANKERS ASSOCIATION FRANK M TOTTON PRESIDENT WITH FIDELITYINTERNATIONAL TRUST COMPANY E OVE isr VICE PRESIDENT WITH CHASE NATIONAL BANK 15 WEST 37 STREET L H OHLROGGE TREASURER WITH NATIONAL PARK BANK TELEPHONE FITZROY 1544 J M TELLEEN SECRETARY 15 WEST 37TH STREET NEW YORK WILLIAM G F PRICE 2N0 VICEMPRESIDENT N M McKERNAN CHIEF CONSUL WITH THE NATIONAL CITY BANK WITH IRVING NATIONAL BANK ACKNOVvi E 00ED 1922 JON 2 9 June a Mr Benjamin Strong Governor Federal ROserve Bank 120 Broadway New York City Dear Governor Strong Your interest in our Chapter is such that I take special pleasure in sending you the record of our student members from your bank who have successfully completed work in the educational courses of the year The following members from the FEDERAL RESERVE BANK completed the THIRD YEAR OF TIE STANDARD COURSE and received certificates of the American Institute of Banking at the Commencement June qiurnett Henry Moore Dickey Robert J Golden John J Rourke Charles Francis 4wejad vrOvt4 7l sel Mr RUB ELL TWEED received the prize for the highest standing in the THIRD YEAR STANDARD COURSE tram 41r PLARENCE BOBART satfiSfactoriLy completed the work of the IREPARAVKY COURSE and thereby qualified for entrance into the Standard Course The following were Honor Students in the courses mentioned atchelder Windsor rr e 1 e w at L re cts e 4 4ieckert J 4 VFox 4ed 11aw of NeOliable Instruments caw of Bueiv Relations vLaw of Contracts Hi Mr Benjamin Strong Governor Federal Reserve Bank 120 Broadway New York City 0 124ta efita Lawrenge 5151A217A 1Z ties Elizabeth 71r r vRo e Mabel Intespational Exchange M kourke Charles 2 14 rganization 141n4ples of Economics Ba igOee R A vWaarst Oscar 111 w of Business Relationa Res1Tves Rediscounts Bapi Arithmetic In addition members from the FEDERAL RESERVE completed Courses listed opposite their names as follows LcLVAb ahams 1 lliam Anderson William Qeattyer c Windsor vanisthg Practice Law of Co itracts 6 2AX4 Law of Contracts 1Bank Organization v MAuciary Law eyer orge 1 Susiless Organization Carnahan Robert AdvanOd Spanish CLUA Cooper Norman Second Year Creightfpn Norman D X 74 al4L Dorstt S Arthur J Albert V Pox EmTa 44 p6x BANK vcee Fred Lawrence Gallagher George V Ov 4 Inc34qe Tax Procedure UtA International Exchange Tr st Functions Secot4 Year a Bus ess English atond OEM AA Year Reserves RedVcounts vf Internaiional Exchange I 14 I enjamin Strong Governor Federal Reserve Bank 120 Broadway New York D E FIRST IYEAR STAND COURSE B Gil lmoie Banking Practice Economic Develbpment Bank Bookkeeping Bank Arithmetic 4 1 t Hauslaib difo 44 V Russell ResTyves Rediscounts Hawkin v 0 H 40 Z42 e Law of Vil ntr acts r tri okerottiTtOrtal 7r Hoffmann Sq2 YEAR STAIMARD 001 1R SE Economic Development Business English afirY J05t Charles Ink Organization Lombard Huold 11 Bank Organization Credits Lokr4ia r Mane Bas FIRST R STANDARD COUR SE Miller FIRS T YEAR STANDARD COTE SE Morcerf Jamek Business English x A EALti blorris Chester 4 Buskpbss English Toole Cyjil Bank 0 gani zati on Rowe Lestp Principles 1 Economics CII AA4 I I Shannon Ge or e Bank 91 g e ni Smith Robert Law of Negotiable Instruments Stein Alf rjed FIR T YEAR STANDARD COURSE z at ion r aDJ aw oNegotiab1e Ins truznents1 Law of Ne goti ab Le Instruments Very truly yours FMT LM President NEW YORK CHAPTER A I B June F g Totten President Nel frk Chapter American Institute of Banking 15 West 37th Street New York N Y dear kr Totten Th ank you for your ietter of June 23 containing not of our ployes who have completed courses at the New York Ch pt er this ye 72r ith ryin degrees of success 71 were prticularly plesed to h ve six gra 1utes of the Third Ta r Standard Course one of whorl w s an honor nu n LU heve nine honor men in aIngle course te 11 0 e endes vored to show cur i x reciati7m to each of the tudents Very truly yours Benj Strong Governor a January ear Mr Totten It will be a pleasure to attend the Annuel Banquet of the New York Chapter of the Amerionn 4netitute of 3enking on Februery 17 and i greatlyreciate your ecurtesy in invitinL le to be one of your guecte It T4ill harody De possible for re to say anything which indeed was not euggested by your letter but I am eimply writing in excess of precaution Of course you know ho v uncertain my engagements 4ust be on account of the neceesity for being in geohington en fre luentiy such ueed ariees I wilt notify you promptly Thanking you for your courtesy I am tours very truly gr Frank U Totten c b Fidelity International Trust Cc Nee York City 33 4M If NEW YORK CHAPTER INC AMERICAN INSTITUTE OF BANKING SECTION AMERICAN BANKERS ASSOCIATION FRANK M TOTTON PRESIDENT WITH FIDELITY INTERNATIONAL TRUST COMPANY El 15 WEST 37 STREET T T LOVE 1ST VICE PRESIDENT WITH THE CHASE NATIONAL BANK WILLIAM G F PRICE 2ND V CEPRES DENT TELEPHONE EPTZROY 1544 J MARTIN TELLEEN SECRETARY NEW YORK 15 WEST 37 STREET NELSONM McKERNAN CHIEF CONSUL WITH THE NATIONAL CITY BANK LOUIS H OHLROGGE TREASURER WITH THE NATIONAL PARK BANK February FEB 1 Governor Benjamin Strong Federal Reserve Bank New York Dear Governor I am delighted to think that we are to have you at our Speakers Table on the evening of our Annual Banquet February the 17th at the Hotel Astor The reception is scheduled for sixthirty and we intend to sit down promptly at seven o clock in order to conclude the The two speakers speeches at an early hour are to be the Honorable Henry J Allen of Kansas and Ir W L Saunders Chairman of the Board of the Ingersoll Rand Company Your presence as our guest will mean more to the young bankers of our city than you perhaps may realize Anticipating the pleasure of having you Nith us and with kind personal regards Cordially yours FLT DB IRVING NATIONAL BANK W ft C X Its T ita Yeo February My dear Mr Totten Thank you tor your ietter of February 9 received in Governor Etrong t absence Lou will undoubtedly be pleaoed know that Governor Strong plans to attend the institute dinner on next Saturday evening February 17 I lours very truly Secretary to Governor Strong Mr Frank M Totton c o fi idelityInternational Trust Co New York City GB ws4 sit 1 a1 February My deer Mr Totton Governor Strong has just wired me from Auguota Georgia that he has been euddenly callerl to NaEhington to attend an important eonfereace and probably would not return tc New York until next week He regrets very much teat this sudden change in his plane vill erevent his attending the annual dinner of the hew York Chapter of the American Institute of 3anking next Saturdey to which you so cordially It we only a day or two ago that invited him as your guest Governor Strong wired thet he hoped to arrive from the South in time to attend the dinner I know that he feels keenly the disappoint ment in not being able to be with you and he has asked that I exerets to you his sincere regrets and to convey his best wishes for a most enjoyable end delightful evening Yours sincerely Secretary to Governor Strong Frank Totton eteident New York Chapter eeerican Institute of 3anking Fidelity International Trust Co 110 Nilliar St Sew York City Oa c Trust 6 wpm firs Assoriatiou of Or tair ui Nrin Vork ElXECUTIVE COMMITTEE PRESIDENT OTTO T BAN RAND PRESIDENT NEW TORN TRUST CO NEW YORK THEWORE F MILLER PRESIDENT BROOKLYN TRUST CO BROOKLYN N Y CHARLES A BOODY PRESIDENT PEOPLES TRUST CO BROOKLYN N Y VICE PRESIDENTS A B COLViN PRESIDENT GLENS FALLS TRUST CO GLENS FALLS N Y JAM ES S SHERMAN PRESIDENT UTICA TRUST AND DEPOSIT CO UTICA N Y CHARLES H KEEP PRESIDENT KNICKERBOCKER TRUST CO NEW YORK JOHN I WATERBURY PRESIDENT MANHATTAN TRUST CO NEW YORK W I L LA R D V KING PRESIDENT COLUMBIA TRUST CO NEW YORK E 0 McNAIR PRESIDENT COMMONWEALTH TRUST CO BUFFALO N Y FRANCIS HENDRICKS PRESIDENT TRUST AND DEPOSIT CO OF ONONDAGA SYRACUSE N Y WM NOTTINGHAM VICE PRESIDENT SYRACUSE TRUST CO SYRACUSE N Y TREASURER LEWIS P ROSS PRESIDENT F1DELITT TRUST CO ROCHESTER N V CHAS H SA BIN VICE PRESIDENT GUARANTY TRUST CO NEW YORK CLINTON L ROSS ITER VICE PRESIDENT LONG ISLAND LOAN TRUST CO BROOKLYN N Y EX OFFICIO SECRETARY GRANGE SARD PREsIDENT ORION TRUST CO ALBANY N Y T I VAN ANTWERP VICE PRESIDENT UNION TRUST CO ALBANY N Y SEYMOUR VAN SANTVOO RD PRESIDENT SECURITY TRUST CO TROY N Y Albany N Y January 28th 1913 JAN 29 i 1 1 REFERRED TO B Strong Jr Esq Vice Pres Bankers Trust Company Pew York City Dear Sir It gives me great pleasure to advise you that at the Annual Meeting of the Trust Companies Association held January 24th you were elected a member of the Executive Commit tee to serve for threLzoars Very t ay yours Zelta2 Secretary JavtAry nr T I Ian Antwerp Socrotor7 cio Union Trost Company Albany N Y Dear Sir In Mr to nolmowledee Instant Absence rrom the cit7 I beg favor of the 28th Str ormia and Iam forvnarding row 1 Yours very tr 1 February Mr T I Van Antwerp Secretary Trust Companies Association of the State of N YA Albany N Y Dear 31r Your favor of the 29th ult advising me of my election as a member of the 7bcecut1ve Committee of Trust Companies Association e has been for th7ed to me I feel much honored that you have elected me to this orfice and trust that I may be able to serve the Association in sone useful way Very truly yours 3 3 rust Tinnttattirs Assoriation of Or tatr ul Nrto Durk EXECUTIVE COMMITTEE PRESIDENT T CHARLES A BOO DY PRESIDENT PEOPLES TRUST CO BROOKLYN N V ODORE F MILLER PRESIDENT BROOKLYN TRUST CO BROOKLYN N Y B COLVIN PRESIDENT GLENS FALLS TRUST CO GLENS FALLS N Y VICE PRESIDENTS WILLARD V KING PRESIDENT COLUMBIA KNICKERBOCKER TRUST CO NEW YORK OTTO T BANNARD PRESIDENT NEW YORK TRUST CO NEW YORK WM NOTTINGHAM VICE PRESIDENT SYRACUSE TRUST CO SYRACUSE N V FRANCIS H EN DRICKS PRESIDENT TRUST AND DEPOSIT Co OF ONONDAGA SYRACUSE N Y LEWIS P ROSS PRESIDENT FIDELITY TRUST CO ROCHESTER N Y E 0 McNAiR PRESIDENT COMMONWEALTH TRUST CO BUFFALO N Y CHAS H SABIN VICE PRESIDENT GUARANTY TRUST CO NEW YORK MYNDERSE VAN CLEEF PRESIDENT ITHACA TRUST CO IOSAKA N V TREASURER STRONG JR VICE PRESIDENT BANKERS TRUST CO NEW YORK CLINTON L ROSSITER VICE PRESIDENT BROOKLYN TRUST CO BROOKLYN N Y EDWIN G MERRILL PRESIDENT UNION TRUST CO OF NEW YORK SECRETARY EX OFFICIO GRANGE SARD PRESIDE UNION TRUST CO ALBANY N Y T I VAN ANTWERP YICE PREBIDENT UNION TRUST CO ALBANY N y Albany K Y February Benjamin Strong jr Esq c o Bankers Trust CompanY New York City Dear Mr Strong I am enclosing copy of a letter received from Mr Colvin President of the Glens Falls Trust Company Very truly yours Secretary Enclosure s COPY Letterhead of Glens Palls Trust Company Glens Falls r Y Jan 31st 1910 T I Van Antwerp Secy Trust Companies Assn of New York St ate Albany U Y dear Van Antwerp FEB 4 913 desire to have immediate action taken by the Legislative Committee of which I am a member on the proposition to eliminate from the Banking Laws the possibility of officers of Trust Companies borrowing from their institutions The country Trust Companies will be grievous ly discriminated against if this feature of their business is eliminated They will certainly go to the legislative committees formally oppose such action and I believe secure the relief they will pray for and in a may feel that their State Association has been inactive neglectful and quietly consented to u blow at one of the vital interests of their respective institutions As a member of the Legislative Committee of our Association I can see discord and withdrawals from the Association as the result of our not protecting these smaller institutions in their hour of disturbance In a thousand ways it is both unfair and in prudent to bring down such legislation on the head of the institutions who are officered by men whose time effort and energy have been exert ed to establish creditable banking institutions in their respective communities with no remuneration for the same except a satisfactory 2 feeling of representative citizenship Any number of country Trust Companies whose conditions I am familiar with would lose the best customers their institutions have and the services of the best men on their boards if this proposition were permitted to stand as mr Maynard said I am led however to believe he is in error in his statement as to what the Commission propose In any event there should be no uncertainty about it Judge Le Boeuf knows of the formal protest made as to this action at the recent hearing before the Banking Commission Our Ia Mason had considerable to say at that time on the subject reported to nm on his return home and I was led by him to believe that the matter had been disposed of and would not come up again When Mr Maynard stated thb facts as he understood them I did not know what to make of it and was not advised as to how authori tively he spoke eto consequently I thought best to keep quiet until one or two committed themselves Then I pointed out as you will recall the impropriety of the proposed action as It appealed to mo On my return home I find others are protesting vehemently and something certainly must be done by our Committee The suggestion made by P T Shepard clecretary and Treasurer of the daunt Vernon Trust Company that the provision apply only to cities of the first class I was told by a prominent attorney in Vow York before leaving would be unconstitutional and not permitted to become a part of our statutes if presented in that way Let me know just what I can do to assist in the situation Yours very truly Signed A B COLVIN

Strong, Benjamin, 1872-1928. Correspondence with Other Banks : Officers of Other Trust Companies in New York, 1911-1928,
Papers of Benjamin Strong, Jr..
Federal Reserve Bank of New York.
https://fraser.stlouisfed.org/archival/1160/item/2222, accessed on September 15, 2019.